Swiss City of Lugano to Make Bitcoin Legal Tender

[lixer]

So it will soon be possible to pay for purchases in shops in this city with bitcoin? That's certainly good news, especially from a developed country like Switzerland. The only thing I don't understand is whether it has anything to do with the Tether partnership. If I understand correctly, bitcoin will be converted into USDT which equals 1:1 to the dollar. Or does the bitcoin remain bitcoin and goes to the BTC address? If not, it's a tricky business for Tether.

Yeah that is right. That is what legal tender do, to make use of bitcoin directly to buy goods without needing to convert to fiat or any other cryptocurrencies. It's a good news but the op is not convinced somehow for some reasons maybe because the statement is not only about using btc as a legal tender but there is some extra rule about it but they didn't say something about btc being converted to usdt by the time you made a payment.

Maybe they too make tether as a legal tender along with btc but if ever what you said is going to happen, it's not going to be a difficult thing since there are now lots of services that do the conversion job.

[stompix]

So it will soon be possible to pay for purchases in shops in this city with bitcoin? That's certainly good news, especially from a developed country like Switzerland. The only thing I don't understand is whether it has anything to do with the Tether partnership. If I understand correctly, bitcoin will be converted into USDT which equals 1:1 to the dollar. Or does the bitcoin remain bitcoin and goes to the BTC address? If not, it's a tricky business for Tether.

Yeah that is right. That is what legal tender do, to make use of bitcoin directly to buy goods without needing to convert to fiat or any other cryptocurrencies. It's a good news but the op is not convinced somehow for some reasons maybe because the statement is not only about using btc as a legal tender but there is some extra rule about it but they didn't say something about btc being converted to usdt by the time you made a payment.

To answer both why I'm not really convinced it will be as some imagine.

First, you can already pay with bitcoins in shops in Europe, and in Switzerland alone, we have enough cases to date of businesses accepting bitcoin for payments, it's not a new thing, you don't have to declare it legal tender in order to achieve that.
Second, the definition of legal tender varies from country to country, you maybe have seen maybe those signs all over the US with "Cash only", so despite you having dollars on your credit/debit card and the dollar being obvious legal tender nobody is forced to accept them as means of payment, in Sweden, there are shops who are not taking cash anymore, in Salvador is completely different, merchants were forced to accept payments via Bitcoin so you couldn't refuse it.
And even in Salvador merchants can opt for the BTC to be converted directly in $,  so the whole debate about making it legal tender is useless until we see the applicable law, and we're talking here about a city, not a country. That's why I said it, take it with a grain of salt because it might not be what you wish for.

[fillippone]

As all update on the matter:

https://planb.lugano.ch/

Here you can have details and updates on all the plan, initiatives and developments on the unfolding of Lugano Plan B.

[stompix]

As all update on the matter:
https://planb.lugano.ch/

I raised an eyebrow at the 10 000 merchants in a city of 65 000 population, but whatever one doesn't have to be based there I assume.
But they've lost me completely when I clicked on the "Work for Plan ₿" which leads to:
https://tether.recruitee.com/o/project-manager-luganos-plan
So this is a full scale tether operation making use of bitcoin's popularity.

Ok, good for you Foletti, back to Salvador! Quite funny, one of the few Italian words I know came to my mind while reading his name, follia.
And from that now I'm looking over the internet to see where I can get these "Forno Battistini Biscotti Froletti Integrali"  that ended up in my search results

[amishmanish]

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.

Well. Aren't the Swiss the traditional, secretive bankers for almost every single entity that has billions of worth of black money earned from questionable sources. On top of that, they have been pioneers in this. A "Swiss account" is synonymous with ill-gotten wealth of monarchs and political leaders for every single developing country in the world.

Tether has been questioned multiple times about the validity of it printing tether and buying crypto off of Bitfinex. This means that they have quite a lot of "fiat wealth" to be taken care of. It should come as no surprise if they choose a Swiss city for this purpose.

Overall though, this should be seen as a positive in terms of crypto and the part about use of Lightning Network.

[fillippone]

As all update on the matter:
https://planb.lugano.ch/

I raised an eyebrow at the 10 000 merchants in a city of 65 000 population, but whatever one doesn't have to be based there I assume.
But they've lost me completely when I clicked on the "Work for Plan ₿" which leads to:
https://tether.recruitee.com/o/project-manager-luganos-plan
So this is a full scale tether operation making use of bitcoin's popularity.

Come on! This is marketing bbg material, you have to be a little bit bullish eh?

Regarding tether, I am sorry I cannot provide a translation for Ardoino’s chat with the guys at bip.com, but he mentioned the fact they are helping the city of Lugano with their initial setup, but they have no monopoly of the plan, so if other competitors want to join in the city will be happy to have more than one partner.

At least, in theory…

[ilghan]

Fantastic,

this are running very well or Bitcoin in Lugano.

Site has been updated, looks like they are starting to work.

[oHnK]

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.

Well. Aren't the Swiss the traditional, secretive bankers for almost every single entity that has billions of worth of black money earned from questionable sources. On top of that, they have been pioneers in this. A "Swiss account" is synonymous with ill-gotten wealth of monarchs and political leaders for every single developing country in the world.

Tether has been questioned multiple times about the validity of it printing tether and buying crypto off of Bitfinex. This means that they have quite a lot of "fiat wealth" to be taken care of. It should come as no surprise if they choose a Swiss city for this purpose.

Overall though, this should be seen as a positive in terms of crypto and the part about use of Lightning Network.

If we connect the two things, your statement is indeed rational, even many corrupt countries are the most loyal customers of Swiss banks, so with this new policy, whoever the partner is, it's actually the same, only now the partner is Tether.  Hopefully the project goes smoothly so that BTC continues to experience recovery to reach its ath moment.

[boyptc]

There were some state in the US that has also made the same purpose for bitcoin, to be used as payment for tax purposes.

Hopefully the project goes smoothly so that BTC continues to experience recovery to reach its ath moment.

People are always thinking about the recovery of bitcoin from where it came from on its former ATH. Looking on it at the moment is lovely as it's moving up gradually and not dropping surprisingly.