Switzerland: Lugano city allows taxpayers to use Bitcoin, Tether to pay taxes
Lugano, the Swiss city has allowed taxpayers to use cryptocurrencies to pay taxes, fines and all other invoices from the municipality.
In a statement on December 5, Lugano authorities said that individuals and businesses can settle bills in Bitcoin or the Tether stablecoin by scanning a QR code.
The development is part of Lugano’s Plan B, which is aimed at transforming the city’s financial infrastructure using cryptocurrencies.
Lugano is located in the south Switzerland and close to the Italian border.
Residents of Lugano can simply scan a code on their bill and pay the desired amount with their preferred mobile crypto wallet.
In a separate statement, Bitcoin Suisse said that Lugano has joined other Swiss government entities like the city and canton of Zug and the Zermatt town in accepting crypto for payments.
The backend process underpinning the system is handled by digital-asset broker Bitcoin Suisse AG, it added.
“It is great to see that more and more Swiss municipalities are offering payments in cryptocurrencies as an option available to both citizens and companies, complementing traditional payment methods such as post-office counters and e-banking platforms,” said Bitcoin Suisse chief product officer Armin Schmid.
Liechtenstein has also announced its plans to accept Bitcoin to pay for state services.
The canton Zug, Switzerland’s ‘crypto valley’, started accepting Bitcoin and ETH for tax payments in 2021.
Bitcoin was trading close to $44,000. The world’s biggest cryptocurrency is up 66.1% from the year’s low of $26,533 on October 11. Ether, the coin linked to the ethereum blockchain network, rose 1.4% to $2,275.7 on Tuesday, adding $31.9 to its previous close.
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Published: 06 Dec 2023, 08:45 PM IST
