Bitcoin and Tether are now legal for paying taxes in Swiss cities

It is located in the Swiss city of Lugano now possible to pay your taxes Bitcoin (BTC) and Tether (USDT). The local administration now allows every resident of the city to pay with the tokens. In addition to taxes, cryptos can also be used to pay for common services.

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A city in Switzerland accepts Bitcoin and Tether as payment methods

On December 5, the government of the Swiss city of Lugano announced that it would now accept Bitcoin and Tether as payment methods. The cryptos can be used to pay taxes as well as general services. The new option is made possible by Swiss institutional firm Bitcoin Suisse Crypto exchange.

Tether is a so-called Stablecoin and is therefore very suitable for payments. The currency is pegged to the US dollar and is therefore worth the same. Bitcoin, on the other hand, has no stable value and therefore can mean both profit and loss for the city government. Bitcoin is currently rising rapidly and has broken the $43,000 mark.

The redevelopment of the Swiss city is part of Plan B, a collaboration with Tether. Together they want to use Bitcoin technology to change the city’s financial system. Bitcoin Suisse helps by facilitating the technical aspect of the transformation.

Switzerland is a leader in the adoption of cryptocurrencies

Switzerland has long been a leader in crypto adoption. The Swiss canton of Zug has already started accepting Bitcoin ether (ETH) for paying taxes.

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Was also recently on Crypto Insiders to read that a Swiss hotel company in the city is ingeniously getting into Bitcoin Mining. With a large system of Bitcoin mining machines, additional profit is generated for the company. All the heat that the devices generate is used to cook food and then serve it. This ingenious project was also created as part of β€œPlan B”.

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