Inhabitants of the Switzerland city will be eligible to pay taxes, parking tickets, public services and tuition fees using virtual currency. Southern City of Switzerland’s, Lugano schemes for many regional businesses to accept some virtual currencies as de facto (actual) legal tender as part of a cooperation with Tether (USDT) Tether chief technical officer Paolo Ardoino said that the company had set up a 3 million-Swiss franc fund in cooperation with Lugano administrators to encourage adoption of BTC, USDT and the LVGA token for marts and businesses across the town. Ardoino said the program was intended for enticing talent from the expanse to Lugano and making the town a major blockchain center in Europe.
Ardoino said that they want to indicate that these equipments, these devices, these currencies that were established can actually be put to work in an active atmosphere like the city of Lugano. Allowing Lugano inhabitants to pay their tariffs using crypto, the program will expand payments to parking receipts, public assistance and tuition fees for students. More than 200 marts and industries in the area are also anticipated to accept crypto payments for goods and services. Ardoino referred the work El Salvador legislators had done for the adoption of virtual currencies. In the last quarter of 2021, the nation’s Bitcoin Law came into effect, enabling all citizens and visitors to use BTC as legal tender along with the U.S. dollar. The Swiss franc continues to be legal tender in Lugano and across Switzerland.
As part of the agreement, Tether said it would establish a fund of up to 100 million Swiss francs to enable finance blockchain-based startups in the area and create crypto unicorns programs that attain a $1 billion valuation. Polygon will also work as an infrastructure partner for stablecoin settlements in Lugano. With a population of roughly 63000 people, Lugano is Switzerland’s eighth largest city and will host the BTC World Forum meeting in October.
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