The Swiss City of Lugano will pay taxes in crypto thanks to a new tether partnership with the ultimate goal being to accept payments for goods and services in crypto according to the city administration so let’s read further in today’s latest Tether news.
The city of Lugano is the economic capital of Switzerland and it will adopt cryptocurrencies for tax payments as a part of the new collaboration with Tether’s USDT stablecoin. Tether Operations Limited that powers USDT is the world’s biggest stablecoin by market cap and it signed a partnership with the city according to a statemetn on Thursday.
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#bitcoin and stablecoins are revolutionizing the financial sector. #tether and The City of Lugano🇨🇭 @luganomycity are teaming up to transform Lugano into the European #bitcoin capital.
Every city needs a plan. Join Lugano's Plan ₿ pic.twitter.com/wmhFVePcPo
— Tether (@tether) February 21, 2022
Tether and the city administration established the center of Excellence for Blockchain Adoption with one goal to become the major European Blockchain hub. The collaboration aims to show the real-world use cases of blockchain by applying it in the local community like crypto payments and experimentation of blockchain solutions. Tether and the city plan to implement the Lightning Network to overcome the scalability obstacles of the crypto infrastructure.
Lugano aims to scale the efforts to enable citizens and companies to pay for taxes in crypto in the future, pending several formal approvals and other projects. The goal is to accept crypto for payments of all goods and services. As a part of the partnership, Tether will create a multi-million dollar fund to help enhance the blockchain startups and services in the region.
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Tether will also contribute the expertise and will support the city to provide education via collaborations with research institutions and universities.
According to Lugano’s Mayor Michele Foletti, the partnership with Tether will help the city scale many fintech efforts and development and even mentioned that the city of Lugano was involved in the crypto and blockchain technology including the work on LVGA Pints citizens payment tokens, NFTs, and other blockchain developments:
“Lugano is investing in its future. In recent years, we have already implemented blockchain-based solutions including the MyLugano app and its LVGA Points payment token, the Lugano digital franc and the 3Achain blockchain infrastructure.”
The news came after the City of Lugano and Ether hosted a live event for the adoption of crypto.
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