Switzerland City Of Lugano Announces Bitcoin, Tether, And LVGA As Legal Tender
Milestone Date: March 3, 2022
The southern Swiss city of Lugano has partnered with iFinex, Inc. to allow local businesses to accept Bitcoin, Tether, and LVGA for payments. Additionally, its residents will be able to pay taxes, parking tickets, public services, and tuition fees using the supported cryptos.
In partnership with Lugano officials, iFinex established a fund worth 3 million Swiss francs to promote the adoption of Bitcoin, Tether, and the LVGA token at local shops and businesses in the city. The primary objective of this initiative is to attract skilled individuals from the blockchain industry and position Lugano as a prominent hub for blockchain technology in Europe. By incentivizing the use of these cryptocurrencies, the project hopes to foster innovation and establish Lugano as a leading destination for blockchain, crypto workers and enthusiasts.
Additionally, Tether announced its commitment to establish a fund of up to 100 million Swiss francs to provide financial support to blockchain startups in the region. The objective is to foster the growth of crypto unicorns, which are projects that achieve a valuation of $1 billion. Polygon will serve as an infrastructure partner to facilitate stablecoin settlements in Lugano. This partnership aims to bolster the blockchain ecosystem in the region and enhance the stability and efficiency of stablecoin transactions.
“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,” said Paolo Ardoino, Tether’s Chief Technical Officer.
Lugano is Switzerland's 8th-largest city with a population of over 63,000. This announcement highlights the city’s progressive approach to embracing digital currencies and further advancing the adoption of blockchain technology.
By Elizabeth Morrison
Published:March 3, 2022