Switzerland is known for its crypto-friendliness and for the famous cluster of crypto companies in Zug, also called the Crypto Valley.
Another part of Switzerland – the Italian-speaking Lugano – is now stepping up its crypto game as well.
The city will not only accept crypto as payment for taxes (like some other Swiss cities, like Zug or Zermatt), it aims at becoming a major blockchain hub. In a partnership with Tether, a stablecoin issuer, Lugano has established a Center of Excellence for Blockchain Adoption, which would promote real-life blockchain use cases. The plan specifically mentions the use of Lightning Network for scaling up.
Lugano is ultimately aiming at encouraging all businesses to accept crypto payments. While not recognizing crypto as legal tender (Swiss franc is still holding that title exclusively), the city aims at a “de facto” legalization.
As part of the partnership, Tether will also establish a fund for crypto startups and contribute to crypto education in local universities.
Crypto adoption continues ?