The Swiss city of Lugano, located in the Italian-speaking canton of Ticino, has turned itself into the European capital for cryptocurrency through its bold “Plan ₿” scheme, which lets citizens and businesses transact in Bitcoin and Tether for almost everything. The joint city of Lugano and Tether program is to build blockchain technology as the core of its financial infrastructure, the first major European city to scale to such a level with crypto payments.
Widespread merchant adoption
More than 350 businesses in Lugano now accept Bitcoin, from shops to cafes, restaurants and yes, even luxury retailers. From coffee and burgers to designer bags, residents can buy it all with cryptocurrency — and still have the option to pay in Swiss francs. Entrepreneurs have adopted the system in large part because of cost – with transaction fees far lower for Bitcoin (less than 1 percent) than for credit cards (between 1.7 and 3.4 percent).
Acceptance of cryptocurrency has now been expanded by the city council from retail exchanges to all city payments and services. Residents and business can now
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