Lugano Switzerland making crypto legal tender

[pmbug]

Apparently this has been brewing for a couple of years now, but I just became aware of it.

(March 2022):

Aiming to become Europe's Bitcoin capital, Lugano, Switzerland, has formed a partnership with stablecoin issuer Tether to establish bitcoin, Tether and Lugano's own LVGA Points token as essentially legal tender in the city.

The move goes far beyond the actions of a number of other Swiss localities that for some time have been accepting crypto for tax payments. Somewhat similar to El Salvador, Lugano – in addition to allowing crypto for taxes – is aiming to have all of its businesses seamlessly use crypto for everyday transactions (in El Salvador, only bitcoin qualifies).
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https://www.coindesk.com/business/2022/03/03/swiss-city-of-lugano-to-make-bitcoin-and-tether-de-facto-legal-tender/

Feb 2023:

The southern Swiss city of Lugano has stepped up cryptocurrency use and is developing new infrastructure to adopt Bitcoin, Tether and its own LVGA token as legal tender. In the coming months, Lugano residents will be able to use cryptocurrencies to pay their taxes and make purchases at more than 200 local businesses.
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Switzerland is a country where blockchain technology and banking go hand in hand: the city of Zug is home to the Crypto Valley Association, an independent, government-backed body that seeks to leverage the country's strengths to develop a crypto and blockchain hub for businesses from around the world.

Unlike other countries, where crypto efforts are largely controlled by a central bank, Switzerland operates a system of 11 Self-Regulatory Organizations (SROs). This helps ensure a state-of-the-art blockchain ecosystem shaped by clear, efficient and flexible regulation.
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Lugano stakes claim to become cryptocurrency capital of Europe

The southern Swiss city of Lugano has stepped up cryptocurrency use and is developing new infrastructure to adopt Bitcoin, Tether and its own LVGA token as legal tender.

www.bbva.com

Dec 2023:

The Swiss city of Lugano announced on Dec. 5 that it has added cryptocurrencies to its list of acceptable payment options. This means that city residents can now settle tax bills and all other community fees with Bitcoin (BTC) or the stablecoin USDT.

Previously, Lugano residents could only use this payment option for transactions made on the city’s online platform. However, according to a statement from Bitcoin Suisse, previous restrictions have been removed. Residents can now use crypto to settle regardless of the nature of the service rendered or the amount invoiced.
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Residents of Swiss City of Lugano to Pay Taxes With Bitcoin – Featured Bitcoin News

By adding crypto to payment options, Lugano joins three other Swiss cities and cantons which already accept crypto payments.

news.bitcoin.com

Feb 2024:

Bitcoin Magazine, in partnership with White Rock Management, announces the opening of a new office in Lugano, Switzerland, marking a strategic expansion to foster Bitcoin adoption and education in the DACH region.
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https://bitcoinmagazine.com/press-releases/bitcoin-magazine-expands-global-presence-with-new-swiss-office-in-partnership-with-white-rock-management

 

[nickndfl]

They made the best Luger pistols.

 

[pmbug]

Tangentially related:

Several Swiss-based Bitcoiners are renewing attempts to get the Swiss National Bank to hold Bitcoin (BTC) in its reserves by holding a referendum to change the country’s constitution — but they will need to convince more than 100,000 locals to sign a petition first.

Adding Bitcoin to the central bank’s reserves would help protect the country’s “sovereignty and neutrality” in an increasingly uncertain world, said Yves Bennaïm, founder and chairman of 2B4CH, a nonprofit think tank leading the charge.

“We are in the process of completing the organizational preparations for the committee and preparing the documents that must be submitted to the State Chancellery in order to start the process,” Bennaïm told Swiss news outlet Neue Zürcher Zeitung (NZZ) on April 20.

However, 100,000 signatures from Swiss nationals are needed within 18 months for a referendum to be held on issues brought about by Swiss nationals or groups — a threshold that plagued 2B4CH’s first attempt in October 2021.

2B4CH first launched the “Bitcoin Initiative” around that time, stating its mission was to add Bitcoin as a reserve currency to Article 99-3 of the Swiss Federal Constitution.

Switzerland boasts a population of 8.77 million, meaning about 1.15% of locals will need to sign the petition.
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https://cointelegraph.com/news/swiss-bitcoiners-renew-efforts-country-central-bank-hold-btc

 

[Voodoo]

So the home of the WEF likes Bitcoin. I'm so shocked. Well, not quite Geneva but close enough for an American. I'm still never buying the 60k+ Bitcoin.

 

[pmbug]

To be fair, it's the citizens that are driving these initiatives. Neither the central bank nor the political class are driving this bus.