Analysis

Swiss City Lugano Now Accepts Bitcoin and Tether for Municipal Taxes


On December 5, 2023, Lugano, a Swiss City, announced the incorporation of the cryptocurrencies Bitcoin (BTC) and Tether (USDT) for tax and other municipal fee payments.

This makes part of Lugano’s collaborative plans with Tether, Plan B, fashioned to revitalize the City’s financial system using Bitcoin tech.

Lugano Dives into the World of Crypto

Before the latest developments, Lugano only allowed crypto payments to be made directly on the City’s official online portal. However, the release extends the possibility to every invoice, regardless of the nature or amount.

According to the statement, Lugano citizens and companies can now pay their expenses by scanning the invoice QR code and leveraging their favorite mobile wallets. The two assets accepted based on the statement are Bitcoin (BTC) and Tether (USDT), behemoths in their respective asset classes.

The statement by Bitcoin Suisse notes that the latest update is part of Lugano’s Plan B, a collaboration with Tether, to integrate BTC into daily life.

This release also points out the role of Bitcoin Suisse in Lugano’s Plan B. Bitcoin Suisse will handle the technical part of the payment solution to offer a convenient option for accepting payments with BTC and USDT.

The Chief Product Officer at Bitcoin Suisse, Armin Schmid, expresses his delight in backing Lugano in its mission to accelerate the use of Blockchain tech. He said:

“It is great to see that more and more Swiss municipalities are offering payments in cryptocurrencies as an option available to both citizens and companies, complementing traditional payment methods such as post-office counters and e-banking platforms.”

Bitcoin Suisse stresses its pleasure in providing technical infrastructure for crypto payments. Moreover, it boasts of providing crypto payments to other Swiss Cantons, municipalities, and cities.

Switzerland Going All-In with Crypto

Lugano is not the first Swiss City to take this path. As early as 2021, Zug City had already begun accepting Bitcoin and Ethereum for tax settlements. The Canton of Zug and the municipality of Zermatt have already implemented the system.

Switzerland has been ahead of the curve in adopting crypto assets for some time.

Last month, one of the largest Swiss cantonal banks, St. Galler Kantonalbank, announced the official dawn of Bitcoin and Ethereum trading and custody services for several clients.

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