Crypto taxes in a tax haven – Tether (USDT) had announced in a tweet of February 21, 2022, the organization with the city of Lugano, economic capital of southern Italian-speaking Switzerland, of a press conference on March 3, 2022, an event during which the city will notably present its crypto plans. On D-Day, the two parties unveiled details of their program to transform the city of Lugano into a major European center for blockchain and cryptocurrencies.
Partnership between Tether and the city of Lugano in Switzerland: Lightning network and payment of taxes in cryptos
Tether and the administration of the city of Lugano, the economic capital of southern Italian-speaking Switzerland, jointly announced on March 3, 2022, the signing of a partnership which aims to demonstrate the real use cases of the blockchain via applications. tangible in the local community.
The partnership includes experiments with blockchain solutions and the adoption of cryptocurrency payments at the city level.
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A deployment on Lightning Network
On the blockchain side, the city of Lugano wants to scale its crypto infrastructure with the help of Tether via the deployment of the Lightning networkthe second layer of Bitcoin (BTC). A multimillion-dollar fund created by Tether will also be used to finance startups and blockchain services in the city. The collaboration also envisions Tether providing expertise and support to the city to deliver blockchain industry education through partnerships with local universities and research institutions.
On the cryptocurrency payment side, the city wants to step up its efforts to allow, in the near future, payment of taxes in cryptocurrency by individuals and businesses. The city of Lugano has set itself the ultimate goal of acceptance of cryptocurrency payments for all goods and services. Bitcoin and its cadets would thus be assimilated to a fiat currency.
The city of Lugano is not the first administrative division in Switzerland to be interested in paying taxes in cryptocurrency. The canton of Zug has offered this possibility to its citizens since February 2022, while the city of Zermatt in the canton of Valais has offered this means of payment since January 2020.
Switzerland has always been dynamic in the field of cryptocurrencies. The country and its administrative divisions continue to multiply initiatives favorable to the latter. One association had even planned to “launch a federal popular vote” to add bitcoin to the country’s reserve asset list.
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