On March 13, the southern Swiss city of Lugano will become one of the first cities in the world to introduce a full cryptocurrency payment economy. To that end, Tether and Lugano will collaborate to make the city a major hub for blockchain adoption across Europe.
According to a press release issued by Tether, the city of Lugano intends to offer residents the opportunity to settle their annual tax bills and pay for goods and services in cryptocurrencies, with only bitcoin, USDT and certain stablecoins pegged to the Swiss franc for payments. These cryptocurrencies will be converted into local fiat currencies through different service providers, using the Lightning Network as the payment system.
In a press release, Tether wrote that its goal is to transform the city of Lugano into a home for the crypto community, fostering its growth and prosperity. One of the plans is to create a dedicated center to house crypto companies, which will be a catalyst for everything blockchain-related, in addition to facilitating their establishment and day-to-day operations.
Earlier news, Tether announced that it will cooperate with the southern Swiss city of Lugano to release a bitcoin plan, aiming to make it the bitcoin capital of Europe.