Saying it wants to become Europe's Bitcoin (BTC) capital, the city of Lugano, Switzerland has formed a partnership with stablecoin issuer Tether to establish Bitcoin, Tether and Lugano's own LVGA Points digital token as legal tender within the municipality.
The move goes far beyond the actions of a number of other Swiss cities that accept cryptocurrencies for tax payments. Similar to El Salvador, Lugano is aiming to have all of its businesses seamlessly use cryptocurrencies for everyday transactions. In El Salvador, only Bitcoin is considered legal tender.
At a public event, Lugano Mayor Michele Foletti de facto legalized cryptocurrencies, but said that the Swiss franc will remain the primary currency in the city and elsewhere throughout Switzerland.
Lugano is planning to host the Bitcoin World Forum later this year between October 26 and 28.
Lugano is Switzerland's ninth-largest city with a population of just over 62,000. Lugano is in the Italian-speaking southern part of the country.
