In a move that is certainly groundbreaking for the overarching digital asset market, the Switzerland city of Lugano has officially begun accepting Bitcoin (BTC) and Tether (USDT) for taxes. Specifically, the city unveiled the project this week that will begin a transformation of its financial structure.
The official announcement states that the city has “broadened its payment options” to include the popular cryptocurrencies. Moreover, it states that these digital assets can be used to pay taxes, and other municipal services,” that the city may implore. Additionally, these payments are set to be made through a “fully automated process, utilizing Bitcoin Suisse.”
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Switzerland City Accepting Bitcoin and USDT For Community Fees
Throughout the year, Bitcoin has seen a rapid ascension in the greater financial sector. Indeed, the digital asset has long dominated its market, but the year has seen it emerge as viable within traditional payment options. Subsequently, its adoption has been massively impact by this.
Now, that adoption is set to take yet another step forward today. Specifically, the Switzerland city of Lugano has begun accepting both Bitcoin and USDT for the payment of taxes. Additionally, the announcement notes these digital assets as viable payment options for other community fees.
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The transition for the city is a massive shift toward the greater implementation of digital assets. Moreover, the announcement stated that it had extended the use of these currencies. Specifically, they state that Lugano residents can pay all city-delivered invoices, “regardless of the nature of the service or the amount invoiced.”
This development places Lugano in a company with various cities that have worked to implement Bitcoin. Indeed, they join regions like El Salvador, which have not been shy about their desire to integrate the currency. Subsequently, Lugano should be one of many that begin to welcome the use of the digital asset.