Cryptocurrencies becoming legal tender in some parts of the world seem to be a trend these days. And the latest to hop in on the train is the southern Swiss city of Lugano.
lugano at night
According to a report by CoinTelegraph, the city's officials have inked a partnership with Paolo Ardoino, Tether (USDT) chief technical officer, to set up a 3 million-Swiss franc fund to push for the acceptance of Bitcoin (BTC), USDT, and the LVGA token in everyday transactions around the city.
One of the main goals of the partnership, according to Ardoino, is to attract more talent in the global cryptocurrency business and make Lugano a so-called "major blockchain hub" for all of Europe.
Here is an announcement by Ardoino on Twitter regarding the partnership with the Lugano city admin:
#lugano #planb announced #bitcoin #tether and #luga (CHF stablecoin) as legal tender.
— Paolo Ardoino 🍐 (@paoloardoino) March 3, 2022
Here are all the things that you can pay for within few months in the city.
🍫🇨🇭 pic.twitter.com/xkNA9Sp4Xw
CoinDesk reports that this move also "goes far beyond" what other Swiss localities have been doing in terms of adopting cryptocurrencies. Some of these places have accepted crypto for tax payments, for instance, but Lugano looks to do far more than that.
As you can see in the announcement video by Ardoino, not only will Lugano's residents be able to pay their taxes in Bitcoin, Tether, or LVGA tokens, but they'll also be able to use the digital currencies to pay public services, tuition fees, and even parking tickets. Furthermore, over 200 local businesses are likewise expected to accept cryptocurrencies as payment for their goods and services.
While not a country itself, Lugano will be the first international locale aside from El Salvador who will be accepting Bitcoin as legal tender (notwithstanding LVGA tokens and Tether). As Switzerland's 8th-largest city by population, Lugano is also trying to make itself known as a cryptocurrency hub, as it prepares to host the Bitcoin World Forum conference later this year.
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After Lugano, Where Else In The World Would Cryptocurrencies Be Legal Tender?
With how cryptocurrencies have been popular in recent times, you can assume that El Salvador and the Swiss city of Lugano are only the start. So, which other countries or cities around the world are going to start accepting crypto (specifically Bitcoin) as a legal tender?
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Yahoo Finance listed a few nations which could do so within the foreseeable future, and some of them are quite expected, while some are close but still up in the air.
Among these countries are El Salvador's fellow South American nations Panama, Paraguay, and Cuba. Panama is the likeliest out of the three since it borders El Salvador, as the government there has already drafted a bill to potentially consider Bitcoin a legal tender (via CNET). It's more or less a similar story for both Paraguay and Cuba.
Last on Yahoo Finance's list is a country that's been in the headlines recently, and not in a good way: Ukraine.
In the wake of the crisis with Russia, Ukraine has actually collected $47 million in Ether, Bitcoin, and Dogecoin donations (via Fortune) to help their armed forces continue the fight. It's also worth noting that two days before the conflict started, the country already legalized cryptocurrencies-not as legal tender for now, but perhaps soon when the smoke has settled.
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Written by RJ Pierce
