City of Lugano to accept crypto for shops and businesses
While speaking at the Plan B event, Tether Chief Technical Officer (CTO), Paolo Ardoino, said that the city of Lugano has potential for crypto adoption, and thus Tether has established a three million-Swiss franc fund after teaming up with it. The two entities are aiming to encourage Bitcoin (BTC), Tether (USDT), and the LVGA token adoption for retailers and businesses around the city.Ardoino also added that Plan B also aims to attract talent from the crypto industry to Lugano and reiterated their ambitions about making it Europe's Bitcoin capital.
"We want to show that these tools, these instruments, these currencies that were created can actually be put to work in a [locally-controlled] vibrant environment like the city of Lugano."Michele Foletti, Lugano Mayor, said that the city has been involved in crypto and blockchain technology, and the current deal would help the city expand its fintech activities.
Tether said it would create a fund of up to 100 million Swiss francs as part of the deal to support blockchain-based entrepreneurs in the region and generate crypto unicorns or projects worth $1 billion.
Pay taxes with crypto
To boost the adoption of cryptocurrencies, the partnership also aims to enable citizens and firms to pay their taxes with crypto in the near future, pending multiple infrastructure projects and formal approvals. In addition to allowing crypto payments for taxes, the project is aiming to expand payments for ticket parking and tuition fees for students.The announcement says that the city's long-term goal is crypto adoption for payment of all goods and services, ultimately equating it with fiat currency.
Following the massive Bitcoin adoption by the Central American country, El Salvador, a number of cities and administrative divisions around the world have started allowing its residents for crypto payments.
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