Legal tender

Swiss City Lugano introduces Bitcoin, Tether & LVGA as legal tender

The Swiss City of Lugano is joining the likes of El Salvador in declaring Bitcoin as a legal tender. Lugano also announced that the Swiss City will also be adopting Tether and LVGA as official currencies as they look to strengthen commitments with cryptocurrency and the blockchain.

Following the announcement on March 4th, Bitcoin, Tether, and LVGA will become one of the official legal tender and currencies of exchange. 

The city of Lugano is set to partner with Tether to restructure Lugano into a blockchain hub with a crypto initiative titled “Lugano’s Plan B”. This will allow citizens of Lugano to pay for goods and services, acquire assets and pay taxes using Bitcoin or Tether.


Lugano introduces “Plan B” as the City embraces Cryptocurrency

Following a tweet released by Tether’s official Twitter account [@Tether_to], executive representatives of the City and Tether announced the project “Lugano’s Plan B” during a live stream on Thursday. Furthermore, in a tweet, Tether confirms that Lugano citizens and companies will be allowed to purchase goods and pay for services and taxes using crypto assets including Bitcoin, Tether, and its own LVGA token in the near future. 

The Lugano Plan B will be the start of a new relationship between the Swiss city and Tether, and both hope to make Lugano a center for blockchain adoption across Europe. 

RELATED: El Salvador should not accept bitcoin as legal tender, IMF fumes

Mayor of Lugano, Michele Foletti, also highlighted the city’s interest in “investing in the future” and expressed Lugano’s strong belief in the potential of blockchain technology and hope that the partnership will help build “a better and more open, transparent and smart city.”

Additionally, Chief Technology Officer of Tether, Paolo Ardoino stated that the company looks forward to making Lugano “a model for global adoption” of cryptocurrency technology. 

Lugano will now join the likes of El Salvador, who adopted bitcoin as a legal tender last year, and the city of Miami that launched the Miami Coin to encourage other cities and nations to embrace the use of cryptocurrency.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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