You can now buy Big Mac with Crypto in Lugano, Switzerland
- Lugano citizens will be able to pay merchants in bitcoin, tether and LVGA
- The city wants to onboard over 2,000 companies before the end of October
Asset-backed cryptocurrency stablecoin, Tether, partners with GoCrypto to bring bitcoin, tether and LVGA to the Swiss city of Lugano.
The initiative, called Plan ₿, is designed to scale bitcoin and stablecoin adoption in Lugano and accelerate the use of cryptocurrencies.
A memorandum of understanding was signed earlier this year between Lugano and Tether to integrate existing payment services with bitcoin and controlled stablecoins, Tether Chief Technology Officer Paolo Ardoino said in a statement.
“We’ve been working together to ensure the technology infrastructure is in place to support this, and today we’re seeing all the hard work being done,” Ardoino said.
Merchants who have participated in the initiative so far include fast-food giant McDonald’s, a handful of art galleries and others.
Over the next month, the city plans to bring in more businesses to accept cryptocurrency payments and plans to serve over 2,000 customers ahead of the Bitcoin World Forum conference taking place in the city from October 28-29.
Tether has been working closely with the Lugano government to transform the city into a major European blockchain hub – using the city as an example to showcase blockchain capabilities, with the hope of expanding the global use of cryptocurrency.
Aside from onboarding merchants, the initiative wants to expand crypto payments to eventually include parking tickets, public services and student tuition. Lugano residents will also be allowed to pay taxes using cryptocurrencies.
To support the rollout, Tether created multi-million dollar funds to help fund blockchain startups in the region and partner with local universities and research institutions to educate younger generations about cryptocurrency.
Switzerland was early in constructing a regulatory framework for crypto-assets. The canton of Zug, also known as Crypto Valley, is home to 433 out of 960 crypto startups in the country, albeit with many operating as shell companies.
Regardless, Switzerland remains a global leader in blockchain technology, and Lugano’s latest move to roll out large-scale crypto payments is likely to keep the country ahead of the crowd.
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Bessie Liu
Blockwork
Journalist
