Lugano, the economic capital of southern Switzerland, is adopting crypto for tax payments. This is part of a new partnership with provider Tether (USDT).
Tether Operations Limited, the blockchain platform that powers USDT, is the world’s largest stablecoin by market cap. signed a cooperation agreement with the administration of the city of Lugano According to a joint announcement Thursday
Tether and the city administration have established a Center of Excellence for Blockchain Adoption with the aim of becoming a major European blockchain hub.
This partnership aims to demonstrate blockchain real-world use cases for practical application in local communities. This includes accepting digital currency payments and trials of blockchain solutions at the city level, with Tether and the city planning specifically to use the Lightning Network.It is the second layer in the Bitcoin (BTC) blockchain to overcome the network scalability barrier.
Lugano aims to expand its efforts to enable citizens and companies to pay their taxes in cryptocurrency in the near future. It is pending official approval and several infrastructure projects. Its ultimate goal is to accept crypto for all payments for goods and services. Equivalent to fiat currency
As part of the partnership, Tether will create a multi-million dollar fund to help finance blockchain startups and blockchain services in the region. Additionally, Tether will support Lugano expertise and support. To provide education in the industry through cooperation with local universities and research institutes.
Lugano Mayor Michele Foletti said the latest partnership with Tether will help the city broaden its fintech efforts and developments.saythat the city of Lugano It has been heavily involved in crypto and blockchain technology in recent years. This includes work on LVGA Points, citizen payment tokens, NFT tokens, and other blockchain developments.
“Lugano is investing in the future. In the past few years We have implemented a blockchain-based solution. This includes the MyLugano app and payment token LVGA Points, the Lugano digital franc and the 3Achain blockchain infrastructure.”
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