The Swiss city of Lugano will make Bitcoin, Tether (USDT), and the city’s LVGA token legal tender.
BREAKING NEWS: #Bitcoin , #Tether & the City's LVGA token will become de facto LEGAL TENDER in Lugano #LuganoPlanB pic.twitter.com/gvZKKRveOI
— Tether (@Tether_to) March 3, 2022
The announcement was made during the online conference where Lugano Mayor Michele Foletti and CTO Tether Paolo Ardoino participated.
The city authorities said that citizens and companies in Lugano will be able to use BTC, USDT, and LVGA to pay for all goods, services, and taxes “soon.” The cryptocurrency will be automatically converted into Swiss francs through a third-party intermediary when making transactions. “Through the partnership with Tether, the city is investing in its future. Lugano strongly believes in the potential of blockchain and that our partnership will help build a better, more open, transparent, and smart city,” said Lugano Mayor Michele Foletti
The event confirmed the city’s plans to become a European blockchain hub. The authorities intend to implement relevant programs in education, and Mining. Income from cryptocurrency mining will be directed to the development of urban infrastructure.
Lugano is following El Salvador’s footsteps and will become the first city on the European continent to use cryptocurrencies as legal tender.
Previously Miami Mayor Francis Suarez announced the launch of a crypto asset called MiamiCoin, New York City announced Its City Coin (NYCCoin), Philadelphia Also announced To launch Its Coin and El Salvador officially recognized bitcoin as legal tender.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
