Lugano, the largest city in Canton Ticino (Tessin), has made Bitcoin (BTC) and Tether (USDT) legal tender, making it possible for people to pay for goods and services using these virtual currencies. Users can now pay for taxes, public services, and goods using two of the largest virtual currencies. It is also possible to use Luga (LVGA) tokens (a CHF stablecoin).
Lugano Makes Bitcoin and Tether Legal Tender
In a recent tweet released by Paolo Ardoino, CTO of Bitfinex and Tether, he informed that Lugano, one of the largest financial centers in Switzerland has now made Bitcoin and Tether legal tender. That means that individuals will be able to use these large cryptocurrencies in order to pay for goods and services in the city.
Ardoino explained that they are going to provide details in the coming weeks. This could help companies reallocate their funds in the city and search for new investment opportunities in the country. It is also expected to have a new portal with information to have clear data and provide constant updates to market participants and people.
During the presentation of Bitcoin and Tether, Ardoino explained that the work made by lawmakers in El Salvador has helped increase cryptocurrency adoption. It is worth taking into consideration that El Salvador was the first country in the world to make Bitcoin legal tender alongside the U.S. dollar (USD). In Switzerland, the Swiss franc remains the legal tender currency.
In the future, the goal is to create a new fund of 100 million Swiss francs in order to help companies locate in the region. There are several initiatives that involve helping startups reach a $1 billion valuation (so they can become crypto unicorns). In October 2022, Lugano will also host the Bitcoin World Forum conference and it will receive a large number of tourists and visitors from different European countries.
Tether is the largest stablecoin in the market. Thanks to becoming one of the most used dollar-backed stablecoins, it is now the third-largest virtual currency in the world after Bitcoin and Ethereum. According to data shared by CoinGecko, Tether has a market capitalization of almost $80 billion.
Bitcoin, instead, is the largest cryptocurrency in the market with a price per coin of $39,100 at the time of writing and a market capitalization of $742 billion. This shows how large the crypto economy is and how fast it is currently expanding around the world.