• Sat. May 21st, 2022

Some cryptocurrencies will become “de facto” legal tender in the Swiss city of Lugano

Legal tender cryptocurrencies in some parts of the world seem to be a trend these days. And the last to board the train is the city of Lugano, in southern Switzerland.

(Photo: Getty Images)
lugano at night

According to a report by Corner TelegraphCity officials have signed a partnership with Paolo Ardoino, CTO of Tether (USDT), to create a 3 million Swiss Franc fund to push acceptance of Bitcoin (BTC), USDT and the LVGA token in the daily transactions around the city.

One of the main goals of the partnership, according to Ardoino, is to attract more talent to the global cryptocurrency industry and make Lugano a so-called “major blockchain hub” for all of Europe.

Here is an announcement from Ardoino on Twitter regarding the partnership with the municipal administration of Lugano:

CoinDesk reports that this move “goes far beyond” what other localities in Switzerland have done in terms of adopting cryptocurrencies. Some of these places have accepted crypto for tax payments, for example, but Lugano is looking to do much more than that.

As you can see in Ardoino’s announcement video, not only Lugano residents will be able to pay their taxes in Bitcoin, Tether or LVGA tokens, but they will also be able to use the digital currencies to pay for utilities, tuition, and even parking tickets. Additionally, more than 200 local businesses are also expected to accept cryptocurrencies as payment for their goods and services.

While not a country per se, Lugano will be the first international location outside of El Salvador to accept Bitcoin as legal tender (LVGA and Tether tokens notwithstanding). As the 8th largest city in Switzerland by population, Lugano is also trying to establish itself as a cryptocurrency hub, as it prepares to host the Bitcoin World Forum conference later this year.

Read also : Crypto Watch: The future of cryptocurrency is coming, but will it include Bitcoin? Web3 increases

After Lugano, where else in the world would cryptocurrencies be legal tender?

With the popularity of cryptocurrencies lately, you can assume that El Salvador and the Swiss city of Lugano are just the start. So, what other countries or cities in the world are going to start accepting crypto (especially Bitcoin) as legal tender?

BTC reclaims top crypto mentioned on Twitter with Cardano beating Solana to 4th and 5th place

(Photo: Image by André François McKenzie on Unsplash)
BTC reclaims top crypto mentioned on Twitter with Cardano beating Solana to 4th and 5th place

Yahoo finance listed a few nations that could do so in the foreseeable future, and some of them are highly anticipated, while others are close but still up in the air.

Among these countries are the other South American countries of El Salvador, Panama, Paraguay and Cuba. Panama is the most likely of the three since it borders El Salvador, as the government has already drafted a bill there to potentially deem Bitcoin legal tender (via CBS). It’s more or less a similar story for Paraguay and Cuba.

Last on Yahoo Finance’s list is a country that has recently made headlines, and not in a good way: Ukraine.

Following the crisis with Russia, Ukraine actually raised $47 million in Ether, Bitcoin, and Dogecoin donations (via Fortune) to help their armed forces continue the fight. It should also be noted that two days before the start of the conflict, the country has already legalized cryptocurrencies – not as legal tender yet, but maybe soon when the smoke clears.

Related article: Investing in crypto? Here are the 4 worst mistakes you should NEVER make

This article belongs to Tech Times

Written by RJ Pierce

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