Switzerland’s Lugano to accept cryptos as currency

by: Dynasty GI2022-03-08
Following a partnership with Tether, residents of the Swiss city of Lugano will be able to pay their taxes, public services and even their parking tickets with bitcoin, tether and the LGVA token. The scheme will also encourage shops and businesses across the city to do the same.
Speaking at the city’s Plan B event earlier this month, Tether’s chief technical officer, Paolo Ardoino, said a 3 million Swiss franc (US$ 3.26 million) fund has been set up in collaboration with Lugano officials to encourage the adoption of cryptos.

Tether also announced it would create a fund of up to 100 million Swiss francs (US$ 107.5 million) to support blockchain-based startups in the region and to help create crypto unicorns.

The project echoes some of the moves by El Salvador when it put bitcoin on a par with the country’s fiat currency. However, unlike the Central American country’s experiment, the Swiss franc remains the sole legal tender in Lugano.

Lugano is Switzerland’s eighth largest city and the move puts itself in direct competition with the canton of Zug, dubbed Switzerland’s Crypto Valley.
"One of the reasons we decided to base Dynasty Global in Zug is Switzerland’s focus on innovation built on strong regulatory structures. Lugano may be seen as a competitor to Zug in attracting blockchain and crypto businesses, but I think there is plenty of room for more digital asset operations in the country and we look forward to seeing both Zug and Lugano flourishing as Switzerland’s major blockchain-based business centres."
Commented Eduardo Carvalho, the founder and CEO of Dynasty Global.

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