Swiss Lugano encourages businesses to adopt Bitcoin, integrate USDT for daily payments, and use Polygon as a payment settlement layer.

The southern Swiss city of Lugano encourages local businesses to adopt Bitcoin and USDT as the company's universal currency. Paolo Ardoino, the CTO of Tether, stated that the company has collaborated with Lugano officials to establish a 3 million Swiss franc fund, aiming to attract talent to Lugano and make the city a major blockchain hub in Europe.

According to Cointelegraph, Paolo Ardoino stated at a seminar, "We want to prove that these tools, these created currencies, can actually work in a vibrant environment like the city of Lugano."

In addition to allowing Lugano residents to use crypto to pay taxes, the initiative will extend to paying parking fines, public services, and school fees, with over 200 shops and businesses in the area accepting crypto for goods and services.

Tether announced that it will create a fund of up to 100 million Swiss francs to support blockchain startups in Lugano and create crypto unicorns valued at $1 billion. Polygon will be the infrastructure partner for settling Lugano stablecoin transactions.

Lugano, with a population of approximately 63,000, is located in southern Switzerland and is the country's 8th largest city. It will host the Bitcoin World Forum in October.

Switzerland has long been considered a tax haven, and earlier this month, it was revealed that Swiss Credit helped politicians and businessmen worldwide launder money for 60 years. Following the war between Ukraine and Russia, this neutral country has abandoned its neutrality and joined the ranks of countries imposing sanctions on Russia.

This article is reprinted with permission from Horizon News Network.