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Business News/ Markets / Cryptocurrency/  Switzerland: Lugano city allows taxpayers to use Bitcoin, Tether to pay taxes
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Switzerland: Lugano city allows taxpayers to use Bitcoin, Tether to pay taxes

Residents of Lugano can simply scan a code on their bill and pay the desired amount with their preferred mobile crypto wallet

Bitcoin was trading above $44,000. REUTERSPremium
Bitcoin was trading above $44,000. REUTERS

Lugano, the Swiss city has allowed taxpayers to use cryptocurrencies to pay taxes, fines and all other invoices from the municipality.

In a statement on December 5, Lugano authorities said that individuals and businesses can settle bills in Bitcoin or the Tether stablecoin by scanning a QR code.

The development is part of Lugano’s Plan B, which is aimed at transforming the city’s financial infrastructure using cryptocurrencies.

Lugano is located in the south Switzerland and close to the Italian border.

Residents of Lugano can simply scan a code on their bill and pay the desired amount with their preferred mobile crypto wallet.

In a separate statement, Bitcoin Suisse said that Lugano has joined other Swiss government entities like the city and canton of Zug and the Zermatt town in accepting crypto for payments.

The backend process underpinning the system is handled by digital-asset broker Bitcoin Suisse AG, it added.

“It is great to see that more and more Swiss municipalities are offering payments in cryptocurrencies as an option available to both citizens and companies, complementing traditional payment methods such as post-office counters and e-banking platforms," said Bitcoin Suisse chief product officer Armin Schmid.

Liechtenstein has also announced its plans to accept Bitcoin to pay for state services. 

The canton Zug, Switzerland’s ‘crypto valley’, started accepting Bitcoin and ETH for tax payments in 2021.

On Wednesday, Bitcoin jumped to $44,490.65, hitting the highest level since April 2022 on optimism the United States would soon allow broader trading of the biggest cryptocurrency, extending its bullish run.

Bitcoin, the world's biggest and best-known cryptocurrency, is up 66.1% from the year's low of $26,533 on October 11.

The digital asset climbed for six days through Tuesday, advancing roughly 16% to as high as $44,491 before giving up some gains.

Bitcoin is up almost 80% since mid-September, a rally that saw it take out the $30,000 and $40,000 levels in quick succession.

(With inputs from agencies)

 

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Published: 06 Dec 2023, 08:45 PM IST
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