Bitcoin (BTC) and Tether (USDT) will be de facto legal tender in the southern Swiss city of Lugano as the city has partnered with Tether to become the “Bitcoin Capital of Europe”, said Paolo ArdoinoChief Technology Officer (CTO) of Tetherduring an event organized on Thursday with representatives of the city of Lugano.
In addition to BTC and USDT, the local payment token Luga (LVGA) will also be accepted by businesses and the public sector in the city, Ardoino added. Both USDT and LVGA will be used on the Polygon (MATIC) blockchain, while the Lightning Network is expected to play a key role in Bitcoin adoption, the CTO added.
Also among the new cryptocurrency-focused initiatives announced at the event is the creation of a new physical office facility for more than 25 companies in the bitcoin and blockchain space.
“We are going to roll out the red carpet for businesses to set up shop in Lugano,” said the city’s director of economic development, Pietro Poretti, during the presentation. He added that the city will also help obtain residence permits for foreign entrepreneurs, employees and their families who wish to settle in Lugano and Switzerland.
With the same aim, Ardoino said his company is setting up a 100 million Swiss franc ($109 million) pooled fund to help startups from other countries who want to establish themselves in Lugano and bring in their own employees in the city.
Additionally, Ardoino said Tether is setting up a fund to “drive the adoption of Bitcoin, Tether, and Luga (the city’s stablecoin) across all businesses in the city.”
The CTO added that the company is in active discussions with the city for the development of a bitcoin mining facility that will run on “100% renewable green energy.”
Among the products and services highlighted at the event that will be covered by the initiative to make BTC, USDT and LVGA a “de facto legal tender” are:
- municipal taxes for individuals and businesses
- all utilities
- ID card and passport issuance fees
- naturalization fees
- tuition in public schools
- rent for event spaces
- more than 200 companies and businesses will accept it
Cryptocurrency adoption is “a big opportunity for the retail industry.” To ignore it would be like refusing to accept credit card terminals in stores 20 years ago, Pietro Poretti said as he concluded the event.
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