The citizens of Swiss Lugano will soon be able to pay taxes, parking tickets, fees for public services, or school tuition in Bitcoin, Tether, or Lugano’s own LVGA token. Tether’s chief technical officer Paolo Ardoino has introduced a plan that details how the city will soon become the European crypto hub.
The firm is planning to fund the city with 3 million Swiss Franc to encourage the adoption in over two hundred shops around the city. Moreover, they are also set to help finance blockchain-based startups in the city by creating a fund of up to 100 million Swiss Francs.
We want to show that these tools, these instruments, these currencies that were created can actually be put to work in a [locally-controlled] vibrant environment like the city of Lugano, Ardoino said.
The financial structure is said to be modeled after the El Salvador law that made Bitcoin a legal tender in their country, meaning, you will be able to pay in both the national currency and digital currency in this city.
If all goes according to plan, Lugano might as well become the European mecca for crypto enthusiasts. The city is also set to host the Bitcoin World Forum conference in October, which will surely propel its crypto status even further.