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Swiss city Lugano to accept Bitcoin, Tether for tax payments
Bitcoin and Tether join traditional payment methods for settling Lugano's public fees through Bitcoin Suisse.
2 min read
Updated: Dec. 5, 2023 at 5:03 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Lugano, Switzerland, has broadened its tax and community fee payment options to include the option to pay in cryptocurrencies, including Bitcoin (BTC) and Tether’s USDT stablecoin, according to a Dec. 5 statement.
The transactions will be facilitated by Bitcoin Suisse, a Swiss crypto gateway provider, that would enable citizens and institutions to settle invoices issued by the city using either of these two leading digital currencies.
Previously, crypto payments in Lugano were limited to transactions made on the city’s online portal. However, this update expands the settlement option to encompass all invoices, regardless of their nature or amount.
This move aligns with Lugano’s broader Plan B effort to transform the city’s financial system using Tether and Bitcoin technology. The Plan B program includes the city’s plan to integrate blockchain technology into daily life. The city is partnering with Tether to achieve this goal.
Bitcoin Suisse helps the city streamline the technical aspects of crypto payments. Notably, the platform employs QR-Bill technology, allowing Lugano’s residents to scan the QR code on their invoices to make payments. Subsequently, individuals and institutions can select their preferred cryptocurrency and wallet after scanning the QR code.
Armin Schmid, the Chief Product Officer at Bitcoin Suisse, expressed enthusiasm about the city’s adoption of Bitcoin technology, stating:
“It is great to see that more and more Swiss municipalities are offering payments in cryptocurrencies as an option available to both citizens and companies, complementing traditional payment methods such as post-office counters and e-banking platforms.”
Tether has yet to respond to CryptoSlate’s request for comment as of press time.
Meanwhile, Lugano is not the first Swiss city with a pro-crypto disposition. Bitcoin Suisse is playing an active role as the technical infrastructure provider for crypto payments services in the City of Zug, the Canton of Zug, and the municipality of Zermatt.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tether
$0.99980
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.