Switzerland’s City Of Lugano Will Now Pay Tax In Crypto

According to the administration of the city of Lugano, the focus is going towards promoting cryptocurrencies for almost all the necessary payments.

The acceptance and adoption of cryptocurrencies in the region of Lugano Switzerland is on full blast, as the capital has partnered up with Tether, a USDT-based stablecoin, to enable not only crypto tax payments, but also crypto payments for everyday goods. Tether is one stablelcoin that has managed to make it to the top of the list of the biggest stablecoins, when it comes to total market capitalization, and now with this latest partnership with the administration of the city of Lugano, it hopes to keep its position maintained.

More Power to Blockchain

Both the administration and Tether made an official announcement on Thursday, highlighting that with the combined power of Tether and the excellent administration of Lugano, they are hoping to basically establish one of Europe’s main blockchain centers. This partnership will also display the power of blockchain, coming in practical use by the community that includes multiple ways of cryptocurrency-based payments and testing out several blockchain-based solutions in urban environments.

Maximizing Scalability

Now with blockchain in hand, Tether and Lugano will be testing out the Lightning Network, which is a Layer 2 payment protocol that operates on Bitcoin’s blockchain, in order to eliminate any factors that would hinder in maximizing scalability of the city’s cryptocurrency infrastructure.

The administration mentioned that they want people to pay their relevant taxes and for everyday goods in crypto and will also work closely together with Tether, who has also announced the introduction of a multimillion-dollar funding campaign that would help to promote more blockchain projects in the coming time. In addition to that, Tether will also be working together with educational and research institutes in Lugano to promote education and new discoveries regarding the crypto space.

Support Boost

Mayor of Lugano, Michele Foletti stated that this new endeavor with Tether will surely contribute towards the development of the city, when it comes to technical aspects, boosting the existing interest of the people in cryptocurrencies and blockchain tech, who have already been taking advantage of payment tokens, non-fungible tokens and several different blockchain projects.

Many other cities in parts of Switzerland already have crypto tax payments, so this new partnership might not be very surprising, but to many it is indeed very exciting.    

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