Swiss City is Accepting Cryptocurrencies for Tax Payments
The city of Lugano, the economic capital of Italian-speaking southern Switzerland, is accepting cryptocurrencies for tax payments as part of a new collaboration with stablecoin provider Tether (USDT).
According to a joint statement, Tether Operations Limited, the blockchain-based platform that powers USDT, signed on March 3 a partnership with the Lugano administration.
Tether and the city government have created a Blockchain Implementation Center of Excellence aimed at becoming a major European blockchain hub.
The cooperation includes the demonstration of real use cases of blockchain, including the introduction of crypto payments on a city scale. Tether and the city are planning to implement the Lightning Network to overcome obstacles to the scalability of the crypto city infrastructure.
Lugano plans to expand its efforts so that citizens and companies can pay taxes in cryptocurrencies in the near future.
