- After partnering with leading stablecoin issuer Tether, Lugano has fully embraced cryptocurrencies. But the city hasn’t gone as far as El Salvador in its crypto move.
Lugano, the largest city in the Swiss canton of Ticino, is the largest cryptocurrency Bitcoin (BTC) and the leading stable currency Tether (USDT) as well as the city LVGA Points adopted its token as the “de facto” national currency.
Residents of the city of Lugano with a population of 62,000 will now be able to pay their taxes in the cryptocurrencies mentioned above. Once the city establishes the technological infrastructure, it will soon be possible to use cryptocurrencies for a wide variety of goods and services.
This crypto move in Lugano was made possible after forming a partnership with the city’s USDT issuer, Tether Operations Limited. The parties set up a blockchain adoption center with the potential to transform Lugano into a major cryptocurrency hub.
Tether and other crypto companies will raise a large fund to build and develop blockchain services in the city.
The Swiss franc will remain the only legal tender in Lugano. And this is the city; It makes Bitcoin different from El Salvador, which made it the second official currency last September.