Lugano, a city in the Ticino Canton in Switzerland, announced that it will make Bitcoin legal tender, along with USDT (Tether) and LVGA (official Lugano stablecoin).
The news was first announced by Plan B and Tether.to on Twitter. This means that hundreds of businesses and institutions will start accepting payments in Bitcoin. The attempt to implement it, is spearheaded by the aforementioned companies and the Mayor of the city.
Switzerland is one of the countries on the Vanguard of financial innovation and crypto adoption. Zug, another Swiss city, featured prominently as of the most Bitcoin's friendly places.
With the new law, residents will be able to pay their personal, corporate, and municipal taxes with either BTC, USDT or LVGA. Pay for public services, parking tickets, dog taxes (!), sewage usage taxes, city market site fees, pay for their passport & ID, naturalization fees, construction permits, boat docking, tuition, meals, garbage collection, notarized documents, access to public infrastructure and events, rental units in Bitcoin, Tether or Lugano stablecoin.
We will have to wait and see what will be the implications of this decision. For some context Lugano is the main economic hub in Southern Switzerland inhabited mainly by Italian speakers. It will be interesting to observe the ripple effects it will cause to the country and the rest of Europe.
A successful implementation of Lugano's plan will lead to more cities following through and then more cantons (administrative units), of the Swiss Federation taking the bold step and accepting crypto as legal tender.
Originally posted on my Leofinance blog.