As of December 5, 2023, the Swiss city of Lugano has made a significant stride in the world of cryptocurrency by incorporating Bitcoin (BTC) and Tether (USDT) into their municipal tax payment system. This innovative move is part of the city’s Plan B initiative, a collaboration with Tether, aiming to rejuvenate the city’s financial system using Bitcoin technology.
Expanding Crypto Payments in Lugano
Prior to these recent developments, Lugano restricted crypto payments to its official online portal. The new announcement, however, broadens the horizon, allowing every invoice, irrespective of its nature or amount, to be settled using cryptocurrency. Lugano’s residents and businesses can now conveniently pay their expenses by scanning the invoice QR code using their preferred mobile wallets.
The cryptocurrencies accepted for payments, as per the announcement, are Bitcoin (BTC) and Tether (USDT), both giants in their respective asset classes. This move is a significant part of Lugano’s Plan B, an initiative to integrate BTC into everyday transactions.
The Role of Bitcoin Suisse in Plan B
Bitcoin Suisse, a key player in the crypto world, has a crucial role in the implementation of Lugano’s Plan B. They are responsible for the technical aspects of the payment solution, providing a seamless option for accepting payments in BTC and USDT. Armin Schmid, the Chief Product Officer at Bitcoin Suisse, expressed his enthusiasm for supporting Lugano in its mission to promote the use of blockchain technology. He stated, “The increasing number of Swiss municipalities offering cryptocurrency payments as an option to citizens and companies is a promising development, supplementing traditional payment methods like post-office counters and e-banking platforms.”
Bitcoin Suisse takes pride in offering technical infrastructure for crypto payments and has extended its services to other Swiss Cantons, municipalities, and cities.
Switzerland’s Growing Adoption of Cryptocurrency
Lugano is not the only Swiss city to adopt this progressive approach. Zug City started accepting Bitcoin and Ethereum for tax settlements as early as 2021, with the Canton of Zug and the municipality of Zermatt following suit. Switzerland has been a forerunner in the adoption of crypto assets for some time now. Just last month, St. Galler Kantonalbank, one of the largest Swiss cantonal banks, began offering Bitcoin and Ethereum trading and custody services to its clients.
Keeping track of these rapid advancements in the crypto world can be challenging. That’s where platforms like cryptoview.io come in handy, providing comprehensive insights into the fluctuating crypto market.
