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The City Mayor said that crypto legalization would be de facto as the Swiss Franc will remain the legal tender
Lugano city inside the European country Switzerland is aiming to become the Bitcoin capital of Europe. To achieve its goal, the Swiss city administration made a partnership with Tether, a prominent stablecoin issuer, to establish bitcoin and other cryptos in the region.
The city of Lugano has a population of just over 62,000 and is the ninth biggest city in Switzerland.
Tether and Lugano city’s own LVGA Points token will essentially be legal tender across the city. Efforts of Lugano are going beyond the actions of other cities in the region that are accepting tax payments in crypto. Lugano wants to set up crypto for everyday transactions that are far ahead of just tax payments.
The actions of Lugano city are similar to that of the Central American country, El Salvador, to some extent that had made Bitcoin a legal tender. El Salvador has opened its doors for Bitcoin only where Lugano talks about accepting cryptocurrencies in broader terms. For this, Lugano aims to bring a system in which businesses can seamlessly use crypto.
Lugano’s Mayor Michele Foletti hosted an event named Plan B on Thursday. During the event, Foletti described the legalization of crypto as ‘de facto’; that is, crypto will be accepted in practice, but the actual legal tender will remain the Swiss franc, which is currently legal tender for Lugano all over Switzerland.
In the same event as Plan B, the plans to hold the Bitcoin World Forum in Lugano were also announced on 26 Oct.
Many countries worldwide accept the potential and need of cryptocurrencies, but as they are still skeptical about their nature, keep their distance from their complete acceptance. However, acceptance of blockchain technology and digital currency is something most countries are working on. A number of countries have developed their own CBDCs, and many of them are developing infrastructure to roll out their own central bank’s digital currencies.
ALSO READ: Fear of nuclear disaster in Europe sheds the crypto market
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.
