Swiss Canton of Ticino Starts Accepting Bitcoin (BTC) for Administrative Fees
A platform for crypto transactions was introduced in Lugano, Canton Ticino, on July 7, 2022. This platform will allow for the payment of specific administrative fees with Bitcoin (BTC).
The Ministry of Finance and Economy is following up on the decision made in the Grand Council in April 2021. They’ve made this announcement to equip shoppers with new payment methods but don’t anticipate that this will change how people pay in the future.
Canton Ticino will gradually implement crypto payments for specific services in its first phase. For instance, the Withholding and Stamp Duty Office of the Revenue Division will only accept cryptocurrency payments for existing administrative fees collected via the online sales platform.
Since March 3, 2022, Lugano has accepted Lvga, BTC, and USDT as legal tenders, which are all acceptable by private and public entities. The city of Lugano signed a Memorandum of Understanding with Tether Limited, which enabled the use of Plan B.
According to the Lugano government, the Plan B goal is to make the city a hub for blockchain and crypto companies, as well as its residents being able to use cryptocurrencies as an everyday payment method. To strengthen and popularize crypto integration, over 500 people attended Lugano's first Metaforum event, held in June 2022 by The Cryptonomist and Finlantern.
Although the introduction of Bitcoin as a crypto payment is a great step for crypto enthusiasts and companies, it comes with its challenges too. Plan B is going to create a physical venue in the heart of the city to function as a hub for companies interested in bitcoin entrepreneurship and hosting Bitcoin meetups.