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Bancos, El American

Bitcoin and Tether Become ‘De Facto’ Legal Tender in Swiss City of Lugano

The Swiss city wants its residents to use digital currencies in their daily transactions

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The Swiss city of Lugano will legalize the use of cryptocurrencies, specifically Bitcoin and Tether. This was informed by Pietro Poretti, economic director of the city, during a forum in which he participated along with other experts to talk about technological advances and the economy.

Poretti indicated that the intention with the measure is that citizens use digital currencies in their daily transactions. “Lugano is the economic capital of southern Switzerland and has always been a leader in creating new opportunities,” he said.

“Lugano – in addition to allowing crypto for taxes – is aiming to have all of its businesses seamlessly use crypto for everyday transactions.” This is how the specialized crypto media CoinDesk explains it.

It further added: “The move was described as a ‘de facto’ legalization, as the Swiss franc will surely remain the actual legal tender in Lugano and elsewhere in Switzerland.”

The official page of the economic project driven by the local government indicates that technology is advancing and therefore, a plan is needed to address the new realities.

“Technology is changing the world with Bitcoin, Stablecoins, and other digital technologies revolutionizing the financial sector. The way we access public services, as we know them, is changing rapidly with increased digitization. Every city needs a plan that addresses the new realities to bring convenience, freedom, and prosperity to its citizens,” the page reads.

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Already, the legal tender of cryptocurrencies has been pushed by other governments around the world. For example, the first to do so was that of El Salvador. The Legislative Assembly of El Salvador, with a pro-government majority, approved in July 2021 the Bitcoin Law, which will allow the legal course of this cryptocurrency.

However, the difference with the Swiss city of Lugano is that in El Salvador, the initiative only establishes the legal course of Bitcoin and not of other cryptocurrencies or similar projects.

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