In Lugano, a city in Switzerland, it is now possible to pay taxes with Bitcoin (BTC)
and Tether (USDT). Residents of the city now have the option to directly settle their taxes using these cryptocurrencies. In addition to paying their taxes, residents can also pay for common services with the cryptocurrencies.
Bitcoin and Tether as a means of payment
On Tuesday, December 5, 2023, the government of the Swiss city of Lugano announced that they will accept Bitcoin and Tether as a means of payment. The residents of Lugano can use these cryptocurrencies to pay for both taxes and common services. This new option is facilitated by Swiss Bitcoin Suisse, an institutional crypto exchange.
As a popular stablecoin, Tether (USDT)
is very suitable for these types of payments. Tether is linked to the US dollar, meaning that the cryptocurrency has the same value as the US dollar.
Bitcoin (BTC), on the other hand, does not have a stable value and can go in any direction. This can mean both profit and loss for the city of Lugano. The government of the Swiss city seems to be positive about Bitcoin.
This recent development is part of a collaboration called Plan B with Tether. Through this collaboration, the Swiss city aims to transform its financial system using Bitcoin technology. Bitcoin Suisse is also involved in the collaboration and plays a crucial role in facilitating the technical aspect required for this transformation.