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Crypto Transactions Legalized In Swiss City Lugano; Taxes Can Also Be Paid In Crypto

Crypto is considered legal tender in Lugano, the largest city in Switzerland’s mesmerizing Ticino canton. In addition, the city also has its own token called LVGA points. The citizens will also be able to pay taxes in crypto and regular transactions. Bitcoin, USD Tether, and the LVGA Token are the options. All three approved as the “de facto” legal tender of the town. The largely Italian speaking town has over 63,000 inhabitants. Lush with scenic beauty, gorgeous architecture, the city is casa to art connoisseurs and Alps aficionados! Legalising Crypto makes the city even more beautiful and enjoyable. If you have a few Bitcoins in your wallet that is!
It takes tremendous effort to put the infrastructure in place for normalising virtual currencies and transact them in a blink of an eye. The city has partnered with a couple of groundbreaking crypto firms, and Polygon announced its partnership with Lugano. The firm will assist the city in developing a blockchain infra.

The city of Lugano and stable coin Tether have made a collab termed Lugano’s ‘Plan B’.

Bitcoin was recognized as legal tender by El Slavador last year. South America is building its own blockchain infrastructure to support crypto demand using Algorand. Ukraine passed a parliamentary bill to legalize crypto following Russian aggression, and the war-ravaged country has already raised billions in crypto donations. Amidst global sanctions and a crumbling economy, aggressor Russia is also looking to boost its economy with crypto. In India, it’s still somewhat of a conundrum as the government imposes a whopping 30 percent tax on all forms of digital assets!
Gosh the town is gorgeous. Check this out.

https://youtu.be/nLqE1SMHO0I

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