Swiss City of Lugano to Make Bitcoin Legal Tender - page 2.

cygan

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Quote

Poretti said the city would “roll the red carpet” for Bitcoin businesses and enthusiasts, welcoming visitors and prospect relocators with a business-friendly environment featuring minimized bureaucracy and the ideal conditions for a company to thrive.

https://bitcoinmagazine.com/business/lugano-switzerland-will-make-bitcoin-legal-tender

it will be very exciting to observe the whole development in this city. in addition, the Bitcoin world forum is to take place in october this year

Fundamentals Of

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Even if there is still no law supporting this, this is still a big thing for Bitcoin adoption. Until clear official guidelines are released from the relevant authorities, this will be called by a lot of names. This may be considered by others as adoption of Bitcoin as a legal tender, but once the law comes out, it might not be so. I think Bitcoin would only be treated as a currency but not necessarily as a legal tender. Regardless, this is still a big deal. More and more cities will definitely be accepting Bitcoin in the months and years to come.

bittraffic

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Quote from: bbc.reporter on March 06, 2022, 02:36:54 AM

Quote from: pooya87 on March 04, 2022, 02:06:51 AM

It is not only weird but also stupid to even consider Tether safe as a regular user, let alone make it legal tender at a city or country level. We all know that Tether is a highly risky altcoin and worst of all it is centralized and the central authority controlling it is not some regular developer group, it is a very shady company that has been under multiple investigations by authorities that could (I believe it definitely will) lead to shutting down the company and death of Tether.

It appears that the city of Lugano wants to use the American dollar but only without depending on the American Federal Reserve's dollar printer hehehe. This is comedy. However, I certainly agree with you. This acceptance will only spread Tether's systemic risk from the cryptospace to also slowly go to traditional financial systems.

They are testing the waters still and kind of balancing act whether IMF will do something against it. There is a chance that Swiss will go full on BTC if it's just a tap on the wrist. Just a slightly different path to take but they may be there too like El Salvador. If there isn't so much rebuke, I guess it's a go signal.
Switzerland should have been the first to have adopted BTC because they are known for thier neutrality.

pooya87

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Quote from: bbc.reporter on March 06, 2022, 02:36:54 AM

~
It appears that the city of Lugano wants to use the American dollar but only without depending on the American Federal Reserve's dollar printer hehehe. This is comedy. However, I certainly agree with you. This acceptance will only spread Tether's systemic risk from the cryptospace to also slowly go to traditional financial systems.

The part that worries me a little, because it is like a double edge sword, is that more usage of centralized shitcoin that have a risk of disaster could lead to more negative FUD about bitcoin. Imagine if they accepted a shitcoin and their transaction was reversed, funds stolen, ledger modified, ... (because it is centralized) then they start spreading FUD about bitcoin by calling all cryptocurrencies risky and all transactions easily reversible.

I said it is a double edge sword because when the scam happens it could also point out that using the shitcoin lead to loss whereas they should have used bitcoin and nothing else which could help surge bitcoin adoption instead.

I guess we have to wait and see what the inevitable Tether demise would bring to bitcoin world.

so98nn

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Quote from: stompix on March 03, 2022, 02:01:05 PM

[...]As for the impact, I would have thought that this will be the piece of news that will propel us to over 50k but, again, that's why I don't daily trade, we're going down 4%

Never mind, bitcoin is more or less impacted by the war news rather than the sparks in green field. As far as war is concerned I am sure Russians and Ukrainians are pulling off the bitcoin market, so there is possibility we are loosing the value on that side. Anyways, its hard to state that but bitcoin has misbehaved multiple times since the war broke out.

Talking about the news, I am not sure why only taxes?

Whats in the taxes that is not in the day today usage of the bitcoin? I mean if they wanna make it legal tender then hell go replenish the whole economic circle with the bitcoin use. Like that of EL Salvador. May be we can have up surge after that news.

bbc.reporter

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Quote from: pooya87 on March 04, 2022, 02:06:51 AM

It is not only weird but also stupid to even consider Tether safe as a regular user, let alone make it legal tender at a city or country level. We all know that Tether is a highly risky altcoin and worst of all it is centralized and the central authority controlling it is not some regular developer group, it is a very shady company that has been under multiple investigations by authorities that could (I believe it definitely will) lead to shutting down the company and death of Tether.

It appears that the city of Lugano wants to use the American dollar but only without depending on the American Federal Reserve's dollar printer hehehe. This is comedy. However, I certainly agree with you. This acceptance will only spread Tether's systemic risk from the cryptospace to also slowly go to traditional financial systems.

tippytoes

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Quote from: lornadane on March 04, 2022, 10:05:44 PM

Quote from: Daltonik on March 04, 2022, 10:33:02 AM

In any case, this somehow brings optimism to the process of blockchain integration, and now Polygon announces that it has been selected as the official blockchain platform of the Swiss city of Lugano, to help in the development of blockchain infrastructure.

Source: https://twitter.com/0xPolygon/status/1499493327502143488

Yes in the city of Lugano in southern Switzerland, many local businesses are planning to accept some cryptocurrencies as their "de facto" legal tender as part of a partnership with USDT.
So they don't just choose Polygons.
And they also said that the company had set aside 3 million Swiss francs. Switzerland plans to work closely with Lugano officials to encourage the adoption of Bitcoin, USDT and LVGA tokens for shops and businesses across the city.

If they are successful in implementing this to their city, more than likely, other neighboring cities may probably follow. With small population, this will be easier to manage. And they can easily see how crypto will affect their financial system and the way of life of its people. So even if it is Polygon network, it is good to hear that they are trying to integrate blockchain technology in their system.

lornadane

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Quote from: Daltonik on March 04, 2022, 10:33:02 AM

In any case, this somehow brings optimism to the process of blockchain integration, and now Polygon announces that it has been selected as the official blockchain platform of the Swiss city of Lugano, to help in the development of blockchain infrastructure.

Source: https://twitter.com/0xPolygon/status/1499493327502143488

Yes in the city of Lugano in southern Switzerland, many local businesses are planning to accept some cryptocurrencies as their "de facto" legal tender as part of a partnership with USDT.
So they don't just choose Polygons.
And they also said that the company had set aside 3 million Swiss francs. Switzerland plans to work closely with Lugano officials to encourage the adoption of Bitcoin, USDT and LVGA tokens for shops and businesses across the city.

Daltonik

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In any case, this somehow brings optimism to the process of blockchain integration, and now Polygon announces that it has been selected as the official blockchain platform of the Swiss city of Lugano, to help in the development of blockchain infrastructure.

Source: https://twitter.com/0xPolygon/status/1499493327502143488

stompix

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Quote from: LeGaulois on March 03, 2022, 03:13:36 PM

Guys, you forget to consider something, the article is about a city, not the whole country.
And as the article reminds us, there are already other cities in the country where citizens can pay their taxes with bitcoin. So this is not really exceptional news. Just one more city.

Quote from: DdmrDdmr on March 04, 2022, 05:34:22 AM

I would water down the media excitement after reading some pointers to the scope of the news.

I knew from the start it wasn't as good as advertised.
But!, although I don't like opening topics about small things when 90%of the economic and speculation and bd boards are about Russia and sactions, 9% about Bukele's meme I desperately felt the need for something else!

Yeah, it's just a city, not even the biggest, it also accepts tether, reading the list of poeple involved I assume a lot of money was spent for this for a PR move or more a publicity stunt but it's still something nice to have and it's something else than the mainstream subjects now.
As I said, the impact was not what I was expected, I hoped it will keep the FOMO rocket going but in the end, it is what it is.

Oh, and of course, in order for this to be a leading example, poeple would have to actually use bitcoin for payments there, if other cities see that despite the legislation and favorable conditions nobody is doing they will see no reason to jump onboard.

Daltonik

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By the way, here you can watch the recording of the broadcast of the Lugano's Plan BTC conference in English, at which a cooperation agreement was signed between the mayor of Lugano Michele Foletti and CTO Tether Paolo Ardoino, also at the end it is mentioned about a store located not far from the conference venue where you can buy things for bitcoin or LVGA token, but it is rather of such an advertising nature.

English ver: https://www.youtube.com/watch?v=Zfh-oOlt03I
Italian ver: https://www.youtube.com/watch?v=OaMSkwNdPfM

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

I would water down the media excitement after reading some pointers to the scope of the news. Despite the small Swizz city of Lugano being on the road to accepting bitcoin for payments of goods, services and tax, it does not seem to be as shinny as the headlines are pointing out.

A couple of things I’ve read on the matter, point to it bearing a rather delimited scope, and seemingly not native, but rather using a third party provider to service conversions to fiat (reading the article, it evens seems like a mandatory conversion, although I’m not 100% sure on that).

From the first below referenced link:

Quote

When citizens use crypto assets as a currency, the funds will be converted into local fiat via a third party intermediary.

From the second below referenced link:

Quote

More than 200 shops and businesses in the area are also expected to accept crypto payments for goods and services.

It reminds me more of the way some stores in certain towns/cities accept a local token for payments, than a concept of legal tender by far.

Ver:
https://cryptobriefing.com/lugano-introduces-bitcoin-tether-lvga-legal-tender/
https://blockzeit.com/the-switzerland-city-of-lugano-recognizes-bitcoin-and-tether-as-de-facto-legal-tender/

bitbollo

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Quote from: countryfree on March 03, 2022, 06:29:45 PM

Quote from: bitbollo on March 03, 2022, 05:57:20 PM

https://www.reuters.com/article/us-swiss-rail-bitcoin-idUSKCN12S1KR

Switzerland rail company allow to buy bitcoin from their vending machine... since 2016!
it's like 1000 bitcoin atm on the same country, the biggest number we have seen so far.
They are a pretty famous as crypto friendly country and Lugano city has just made another step on a mass adoption. Well done Wink

Let's see the next step!

A very bad deal, actually. Fee is outrageous. It may be 20% if my memories are correct.
....

I didn't know about such high fees, but are you sure? Out of 500 francs ... do they charge 100 francs in commissions?
When the service was launched, the news was taken with great enthusiasm because it was not so easy to buy bitcoin with cash and the services, at least in Europe, could be counted on the fingers of one hand ...

Even in that case with Lugano city, at least in Italy, we have appreciated with the same enthusiasm this news, because is a sign of innovation and open-mindedness by this country.
In Italy we have a bank that allow to exchange bitcoin but we don't have such regulations/positive attitude towards bitcoin...during government meetings they talked about bitcoin in an unscrupulous way as if they really don't even know the minimum basics...

TheNineClub

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Quote from: stompix on March 03, 2022, 02:01:05 PM

Take the title with a grain or two of salt

Source :
https://www.coindesk.com/business/2022/03/03/swiss-city-of-lugano-to-make-bitcoin-and-tether-de-facto-legal-tender/
and..
https://cointelegraph.com/news/swiss-city-of-lugano-to-pay-taxes-in-crypto-via-tether-partnership

The title of the original piece of news is a bit worse than mine for a bitcoin maximalist:

Swiss City of Lugano to Make Bitcoin and Tether 'De Facto' Legal Tender
It includes tether and it says "de facto" which means it will work like but without a legal base, which would be "de jure".

The second article claims that is only for tax purposes with further aim at actually becoming full-fledged legal tender:

Quote

The city of Lugano, the economic capital of Italian-speaking southern Switzerland, is adopting cryptocurrencies for tax payments as part of a new collaboration with the provider of the Tether (USDT) stable coin.
Lugano aims to scale its efforts to enable citizens and companies to pay their taxes in cryptocurrency in the near future, pending several formal approvals and infrastructure projects. The ultimate goal is to accept crypto for payment of all goods and services, equating it with a fiat currency, the announcement notes.

Of course, it's still one huge step forward but probably we'll have to wait for the enthusiasm to clear and see what's the real deal when it comes to the actual laws that will be signed on paper. As for the impact, I would have thought that this will be the piece of news that will propel us to over 50k but, again, that's why I don't daily trade, we're going down 4%

The Swiss have always been ahead of the financial game in Europe, so if this really goes through it would be a good step forward. And I would argue that Switzerland has much more leverage in it's financial decisions than some bigger European players in a sense that this could prompt other Europe economis to reconsider it's views on crypto.

valentine wheeler

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Suddenly I don't want to watch Switzerland's next performance, I feel so sad.
When Switzerland chose not to be neutral, the centralized financial system collapsed

YouYou0321

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This is really a feeling of concealment. If Switzerland is an entire country accepting bitcoin payments, then the current impact should be global, and now it is only a city. If the mayor of this city steps down, does it mean that the news announced will not be Does it count?

pooya87

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It is not only weird but also stupid to even consider Tether safe as a regular user, let alone make it legal tender at a city or country level. We all know that Tether is a highly risky altcoin and worst of all it is centralized and the central authority controlling it is not some regular developer group, it is a very shady company that has been under multiple investigations by authorities that could (I believe it definitely will) lead to shutting down the company and death of Tether.

Poker Player

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Quote from: LeGaulois on March 03, 2022, 03:13:36 PM

Guys, you forget to consider something, the article is about a city, not the whole country.
And as the article reminds us, there are already other cities in the country where citizens can pay their taxes with bitcoin. So this is not really exceptional news. Just one more city.

Yes well, in my case it's not that I'm ecstatic about the news but we have a trickle of news like this in the right direction, which makes me think that we are like in the period 1996-2000 in the use of the Internet. It seems that this is going to continue little by little but steadily and that we are moving towards a massive adoption and use.

Wind_FURY

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Quote from: Upgrade00 on March 03, 2022, 02:18:53 PM

Switzerland is a high ranked economy by GDP, and one of its city's being linked to bitcoin is a huge step in the direction of adoption.

This sort of news reinforces bitcoins utility as a currency and store of value and even though it may not have significant impact on the market value, it very well could impact how institutions and government see it, triggering more adoption.

Bitcoin's "utility" as a currency remains very limited, we should be honest. Although there's the Lightning Network, there's very low support from exchanges and Bitcoin merchants/services.

I believe Bitcoin is on its path to another phase, a more important phase. It will be a discovery of its real nature of weakening socio-political, and financial strongholds established by the legacy banking system and big goverment.

countryfree

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Quote from: bitbollo on March 03, 2022, 05:57:20 PM

https://www.reuters.com/article/us-swiss-rail-bitcoin-idUSKCN12S1KR

Switzerland rail company allow to buy bitcoin from their vending machine... since 2016!
it's like 1000 bitcoin atm on the same country, the biggest number we have seen so far.
They are a pretty famous as crypto friendly country and Lugano city has just made another step on a mass adoption. Well done Wink

Let's see the next step!

A very bad deal, actually. Fee is outrageous. It may be 20% if my memories are correct.

Back to the subject, I'm not sure it's possible, because Lugano is only a city. Zug is different, because it's a canton (a bit like a county in the US).

Topic: Swiss City of Lugano to Make Bitcoin Legal Tender - page 2. (Read 507 times)