A city in Switzerland plans to make Bitcoin and Tether 'de facto' legal tender

Businesses must accept cryptocurrency in regular transactions, according to the municipality.

A city in Switzerland to make Tether and Bitcoin Legal Tender

Lugano, Switzerland, has forged a cooperation with stablecoin issuer Tether to establish bitcoin, Tether, and Lugano's own LVGA Points cryptocurrency as essentially legal cash in the city, with the goal of becoming Europe's Bitcoin capital.

The measure goes well beyond the actions of a number of other Swiss municipalities that have been taking cryptocurrency for tax payments for quite some time.

Lugano, like El Salvador, wants all of its businesses to be able to utilize crypto for everyday transactions in addition to taxes (in El Salvador, only bitcoin qualifies).

The move was hailed as a "de facto" legalization at Thursday's "Plan B" event, which was sponsored by Lugano Mayor Michele Foletti. The Swiss franc will undoubtedly remain the actual legal money in Lugano and throughout Switzerland.

The Bitcoin World Forum, which will be place in Lugano on October 26-28, was also revealed during Plan B.

Lugano, Switzerland's ninth-largest city, is located in the Italian-speaking southern section of the country and has a population of slightly over 62,000 people.