Swiss City of Lugano to Make Bitcoin Legal Tender - page 3.

bitbollo

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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!

nullama

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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.

The canton of Zug in Switzerland allows their citizens to pay their taxes with Bitcoin since 2021

Here's one of many sources.

Switzerland is probably already one of the most Bitcoin friendly places on earth, they're trying to create a "crypto valley" there.

LeGaulois

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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.

Since 2 years about, Switzerland has adjusted a number of its commercial and financial laws to give businesses a legal framework.
There was even a company that advertised BTC on buses or tramways. Old news, Payment service provider Worldline now allows its 85,000 corporate customers to accept purchases in bitcoin or ether (the crypto-currency of the Ethereum blockchain). That doesn't mean there are 85,000 busonesses using it, but there is nothing stopping them.

I don't expect such news to have an impact on the price

Quote from: kryptqnick on March 03, 2022, 02:10:03 PM

There is no tax on transactions in Switzerland. There are taxes on profits but like in every market and like in most countries.

Quote

it can encourage the usage of Bitcoin specifically as money, not as a form of investment

it's to pay the taxes, not to go to the supermarket

pealr12

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Taken with a pinch of salt, but excited about the news, more publicity for btc, using it for tax or legal tender all point to one simple fact, btc recognition. Although am struggling to fully understand how they intend to use it for tax purposes, does that mean that taxpayers will have the option to pay with btc or how it will be done?

aoluain

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Yes thats how I read it too, first they propose to use is for tax purposes but there
is a clear willingness to adopt it fully as legal tender.

Its strange to me though that it is only a city and not the whole country, they must
be able to do that or else they wouldnt start the procedure of implementing it.

Also to note while Switzerland is in Europe it is not part of the EUROzone, just in case
some people start thinking this is going to be an EU thing.

Good news nonetheless.

BIT-BENDER

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I think many people are getting drawn into crypto-currency right now and I think more would get into it the more, lugano has made a wise choice one that would help their country in so many ways. Regardless I think this clash between Russia and Ukraine has also shown the strength of crypto-currency in times like This, you can have several government with their currency by crypto-currency is one with no government and builds a bridge between both countries, if any government aren't seeing the potentials of crypto right now then it's funny.

Upgrade00

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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.

kryptqnick

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If it's true that it will be legal tender for tax purposes, it's very good news because that means that there will only be taxes on profits from it (and perhaps other taxes, but only whatever applies to fiat in Switzerland, so not taxation of transactions, for sure). While it's generally worse than a formal declaration of Bitcoin as legal tender, it's a significant step towards adoption, and it can encourage the usage of Bitcoin specifically as money, not as a form of investment. But in terms of the impact on the price, I don't think there will be any or would have been if the title were accurate.

stompix

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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%

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