Follow El Salvador, This Swiss City Of Lugano Makes Bitcoin And USDT Official Payment Instruments

JAKARTA – Recently, the city of Lugano, Switzerland, made Bitcoin and USDT its official means of payment. Apart from these two cryptocurrencies, Tether and Lugano's LVGA Points tokens can also be used as a medium of exchange.

Yahoo News reports that the move extends beyond a number of areas in Switzerland that recently accepted crypto for tax payments. Similar to El Salvador, Lugano also directs all its businesses to use crypto for daily transactions.

The Mayor of Lugano, Michele Foletti stated that BTC, USDT and LVGA Points have been legalized as "de facto" means of payment. Nevertheless, Foletti explained that the Swiss franc will remain the official medium of exchange in Lugano in particular and Switzerland in general.

Unprecedented! The City of Lugano @luganomycity officially adopts crypto in a BIG way. All government departments & local businesses to accept $BTC, $WBTC, $USDT for Taxes, Payments, Tickets, Salaries and more!#Polygon to be the official blockchain platform https://t.co/eJ3mELWw8O pic.twitter .com/hTYv0P6VT2

— Polygons | $MATIC (@0xPolygon) March 3, 2022

Foletti said the decision would also be announced at the “Plan B” world bitcoin meeting held in Lugano on October 26-28. For information, Lugano is the ninth largest city in Switzerland with a population of more than 62,000. The city is located in the southern part of the country.

Oggi il day a Lugano!Non puoi essere presente al Palazzo dei Congressi? Seguici comunque in diretta streaming a partire dalle 17.00 ITA: https://t.co/Vz43PGYhhCENG: https://t.co/fHaGo3H4EO#lugano #planb #cryptocity pic.twitter.com/MBR3u2gFTE

— Lugano Living Lab (@LuganoLivingLab) March 3, 2022

Simultaneously, Polygon (MATIC) also announced that it has been chosen as the official blockchain platform of the city of Lugano. The city will develop its own blockchain infrastructure with the help of Polygon.

Once the technology infrastructure has been developed, Lugano residents will be able to use crypto as a means of paying for goods and services, as reported by U.Today.