Swiss City of Lugano to Make BTC and USDT ‘De Facto’ Legal Tender

This week, Switzerland’s ninth-largest city, Lugano, played host to “Plan ₿”, where the city proudly announced plans to make both BTC and Tether (USDT) “de facto” legal tender.

Europe’s Aspiring Bitcoin Capital

In the livestreamed event, Mayor Michele Foletti and CTO of Tether, Paolo Ardoino, announced plans to make both bitcoin and USDT legal tender in Lugano, a city with just over 60,000 residents.

Once passed, residents will be able to make payment for public services, fees and taxes in bitcoin or USDT. Mayor Foletti described the move as a “de facto” legalisation, given that the the Swiss franc would remain as official legal tender in the city and elsewhere in Switzerland.

In addition to the proposed changes to legal tender laws, Plan ₿ also involves establishing a Bitcoin and blockchain hub, where entrepreneurs can congregate, collaborate, network and host Bitcoin meetups and workshops.

This [the Bitcoin hub] is probably the most important thing of this project.

Paolo Ardoino, CTO of Tether

A City Following in El Salvador’s Footsteps

Since El Salvador declared bitcoin legal tender, its GDP has increased by 10 percent and its tourism by 30 percent. “Imagine what we can do in a city at the centre of Europe,” Ardoino added, when speaking of El Salvador’s remarkable progress.

Foletti indicated that the city would “roll [out] the red carpet” for Bitcoin businesses, visitors and new arrivals, offering a business-friendly environment with minimal red tape. El Salvador has similarly taken this approach by creating an attractive investment environment, and exempting foreign investors from capital gains on the bitcoin.

There are a host of other exciting developments happening in Lugano, including a move towards bitcoin mining. To get fully up to speed with the city’s plans, an English translation of the event has been provided below:

As nation states and cities around the world compete for crypto talent, Lugano has put the world on notice that it is serious about becoming a crypto paradise.