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- The measure goes well beyond the actions of a number of other Swiss municipalities that have been taking cryptocurrency for tax payments for quite some time. Lugano, like El Salvador, wants all of its businesses to be able to utilise crypto for everyday transactions in addition to taxes (in El Salvador, only bitcoin qualifies).
- Lugano, Switzerland, has forged a cooperation with stablecoin issuer Tether to establish bitcoin, Tether, and Lugano’s own LVGA Points cryptocurrency as essentially legal cash in the city, with the goal of becoming Europe’s Bitcoin capital.
- The move was described as a de facto legalisation at Thursday’s Plan B event, which was hosted by Lugano Mayor Michele Foletti. The Swiss franc will undoubtedly remain the actual legal tender in Lugano and throughout Switzerland. The Bitcoin World Forum, which will be place in Lugano on October 26-28, was also revealed during Plan B. Lugano, Switzerland’s ninth-largest city, is located in the Italian-speaking southern section of the country and has a population of slightly over 62,000 people.
Lugano is indeed a city as in Italian-speaking Ticino region of southern Switzerland. Its Swiss-Mediterranean cultural blend is similar to those of northern Italy’s Lombardy area. Its design and food reflect this blend. The city is encircled by hills on the northern coast of the glacial Geneva. Plaza de Riforma, the city’s principal square, is surrounded by pastel-colored neoclassical palazzi.
Cryptocurrency For Tax Payments
Bitcoin is a decentralised digital currency that can be sent from user to user on the peer-to-peer bitcoin network without the use of intermediaries. It has no central bank or single administrator. Network nodes use cryptography to verify transactions, which are then stored in a public distributed ledger called a blockchain. Satoshi Nakamoto, a pseudonym for an unknown individual or group of people, created the cryptocurrency in 2008. When the currency’s implementation was released as open-source software in 2009,it was put into use.
Lugano, Switzerland, has forged a cooperation with stablecoin issuer Tether to establish bitcoin, Tether, and Lugano’s own LVGA Points cryptocurrency as essentially legal cash in the city, with the goal of becoming Europe’s Bitcoin capital.
The measure goes well beyond the actions of a number of other Swiss municipalities that have been taking cryptocurrency for tax payments for quite some time. Lugano, like El Salvador, wants all of its businesses to be able to utilise crypto for everyday transactions in addition to taxes (in El Salvador, only bitcoin qualifies).
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Switzerland’s Ninth-Largest City
The move was described as a de facto legalisation at Thursday’s Plan B event, which was hosted by Lugano Mayor Michele Foletti. The Swiss franc will undoubtedly remain the actual legal tender in Lugano and throughout Switzerland. The Bitcoin World Forum, which will be place in Lugano on October 26-28, was also revealed during Plan B. Lugano, Switzerland’s ninth-largest city, is located in the Italian-speaking southern section of the country and has a population of slightly over 62,000 people.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
