Switzerland’s southern city of Lugano is reportedly working towards adding crypto as a “de facto” legal tender for various local businesses, as included in the scope of its alliance with Tether. 

Specifically, during his speech at the city’s plan B event on March 3rd, Tether chief technical officer Paolo Ardoino reportedly revealed that the company had formed a 3 million-Swiss franc fund via a partnership with Lugano officials, in a bid to amplify the adoption of Bitcoin (BTC), Tether (USDT) and the LVGA token for shops and businesses throughout the urban area. 

Ardoino further revealed that the primary goal of the initiative is reportedly to reel in an increased number of talent from the industry to Lugano, turning the city into a major hub for blockchain in the EU region. 

“We want to show that these tools, these instruments, these currencies that were created can actually be put to work in a [locally-controlled] vibrant environment like the city of Lugano”. 

Apart from making it possible for Lugano residents to utilize crypto for payment of their taxes, the initiative further widened the payment scope to cover parking tickets, public services, and tuition fees for students.

Over 200 shops and businesses in the area are also expected to include crypto in the list of viable payment measures for goods and services.

Ardoino reportedly mentioned the work El Salvador regulators have accomplished to support the adoption of cryptocurrencies. In September last year, the nation’s Bitcoin Law was officially effective, making it possible for every resident and visitor to utilize BTC as legal tender together with the U.S. dollar. 

The Swiss franc remains legal tender in Lugano and across Switzerland.

As included in the coverage of the alliance, Tether would reportedly establish a fund of a maximum of 100 million Swiss francs to assist blockchain-powered startups in the area, birthing crypto unicorns.