BTC Now Official Currency in Lugano: Another Milestone for Cryptocurrency

[Odohu]

~~ This news is undoubtedly welcomed by crypto enthusiasts, with hopes for more nations to follow suit. For further insights, refer to this article by Cointelegraph:
 https://cointelegraph.com/news/cryptos-role-daily-payments-beyond-lugano

By all standard, this is good news for Bitcoin. For the government of Lugano to accept taxes in Bitcoin got to show that they consider Bitcoin as legitimate and a worthy medium of exchange. This is expected though following the successes recorded by El Salvador and the inflow of institutional investment following the ETF approval.

I never knew that Bitcoin has made it this far in terms of acceptability.  Reading the article, even many big techs are already embracing Bitcoin.

Take, for example, crypto credit cards jointly issued by global payment companies and trading platforms. Stores and services including Wikipedia, Microsoft, and Google already welcome payments in Bitcoin. The latter exclusively partnered with Coinbase to handle crypto payments for its cloud services. Similarly, Time Magazine teamed up with Crypto.com to streamline digital-asset payments for subscriptions.

From this developments, one can easily conclude that the only way for Bitcoin is up and we expect many businesses to start embracing it soon.

[lovesmayfamilis]

Good news.

One of those countries where individual freedom is respected, as well as the understanding that people should and can independently decide what and how to do with their money. The same cannot be said about other countries that passionately ban Bitcoin, allegedly caring that the people are not sufficiently informed about its use and creating the illusion of protecting the people’s assets, but in reality controlling their every move. But as we see, Lugano understands that in her country there are smart people who are able to decide everything with their own heads.

[Text]

As a crypto enthusiast, it’s exciting to see these developments and the potential they hold for the future of finance. It’s clear that the world is gradually recognizing the value and utility of cryptocurrencies, and it’s only a matter of time before more nations follow suit. This highlights the potential to revolutionize traditional finance, cryptocurrencies are here to stay.

[buwaytress]

That's pretty much old news though, isn't it? Think even before the 2021 rally they'd already accepted tax payments. Curious to see if the merchants listed on this map still accept Bitcoin. My experience visiting Arnhem several years ago was slightly disappointing, as many shops with the Bitcoin logo didn't actually let me pay (assistants who said they didn't know how to use the service, or simply just offline).

Were I single and available I'd be checking out Lugano for sure =) Been a while since experiencing that simple thrill of Bitcoin payments at physical stores.

[Hatchy]

This is good initiative which may influence other cities and states in Switzerland to follow them also

The adoption is gradually spreading and this is actually another milestone. A good news to the Bitcoin community. Bitcoin has gradually began to gain the popularity it deserve and with many countries joining in on the queue, it won't be longer for some other to join. Elsalvador has been able to convince so many other countries through its profit it has obtain within the period it had held its Bitcoin. I wish more countries from Africa can actually start partaking in this new evolution. If they are able to see how this new innovation can help fix the economic situation in most African states, then in no time we will begin to see developments all around Africa and also the western countries.

[sokani]

I'm not sure what's particularly new in this news. I've been reading news about the Switzerland city of Lugano being friendly with Bitcoin. Is Cointelegraph just recycling news or there's a new development about Lugano's Bitcoin adoption?

I share the same thought. There's nothing new about the news and it's obvious cointelegraph has nothing new to write about, instead it chooses to be spinning old news. Also, I don't know why op had to mislead people into thinking that Bitcoin is now a legal tender in Lugano with the title. I read the article and it never said so. I've also searched on Google if I'd see other crypto media sources reporting about it but I got nothing.

[suzanne5223]

For those still skeptical about cryptocurrency's role in the future of finance, recent developments underscore its growing significance as a payment system.

With major institutions and countries embracing BTC as a legitimate form of payment, the security of BTC holders' future is increasingly evident. Notably, global giants such as Google, Microsoft, and Wikipedia now facilitate transactions in crypto.

It is understandable for people to be skeptical about Bitcoin because this is always the impression people have of an innovative technology before fully understanding its true purpose. However, please don't get it twisted because organizations like Google, and Wikipedia do not directly support Bitcoin payments. What they did was collaborate with Coinbase, and Paypal respectively.
Having said that, new about the City of Lugano's officially accepting cryptocurrency as a legitimate form of payment shouldn't surprise us based on the Switzerland government's stance toward cryptocurrency.

[CryptoHeadlineNews]

a tx costs a few dollars so while not ideal for legal tender for everyday purchases, these larger payments are worth it due to how fast the payments are. Bank transfers take a preposterous length of time in current year.

Yes, its true that sometimes the fees of a bitcoin transaction are always exorbitant, but thats where the Bitcoin lighting network and inter-exchange transaction comes into play, because taking a look about how the Bitcoin adoption was been done in El Salvador whereby the
Salvadoran government went about launching a special Bitcoin custodial wallet app called “Chivo Wallet,” which was used to allow its citizen trade digital assets such as Bitcoins and US dollars (USD) without paying any transaction fees. if such method can be done in Lugano, it will literally go a long way saving people from the high transaction fees, most especially when the mempool is congested.

NOTE: Adoption of Bitcoin as a legal tender, is not a thing done in a rush, but what can be achieved in a gradual process.

[stompix]

The title has nothing to do with the article and seems like nobody is bothering actually reading it!

First, the real title of the article is

It won’t be long before crypto plays a role in daily payments beyond Lugano
The Swiss city of Lugano is allowing its residents and visitors to use cryptocurrency for everyday transactions — including their tax payments.

So crypto! not Bitcoin!

Second, the crypto that is mostly used is

The Swiss city of Lugano provides the best evidence of what’s possible: More than 15% of its citizens use the city’s LVGA stablecoin to pay their bills, make purchases at shops and restaurants, and access online services on a daily basis.

A centralized, stable currency, that you cannot exchange anywhere and you can't withdraw to your own noncustodial wallet with the city having complete control over the funds!

[kryptqnick]

I think it's safe to say that a lot of major countries aren't hostile to Bitcoin, but that's different from saying that there's widespread acceptance and adoption. El Salvador remains one of the rare exceptions to Bitcoin adoption. As for Lugano, it's not a country but a city with a population of less than 100k people, and it's located in Switzerland, which is famous for its focus on financial stability and on doing things their own say. Oh, and the article is actually about their stablecoin (although a fact of Bitcoin payments being accepted is also mentioned), so it's somewhat misleading to mix Bitcoin with a stablecoin and somehow discuss them as the same thing.

[Stepstowealth]

...
While El Salvador made headlines by legalizing BTC as a payment option, the recent decision in Lugano, Switzerland, allowing citizens and tourists to transact in BTC—including tax payments—signals further mainstream adoption. This news is undoubtedly welcomed by crypto enthusiasts, with hopes for more nations to follow suit. For further insights, refer to this article by Cointelegraph:
 https://cointelegraph.com/news/cryptos-role-daily-payments-beyond-lugano

Well, it may appear that more countries are accepting Bitcoin and cryptocurrencies based on the fact that it must be subject to regulatory bodies present in the country. The Swiss regulatory body which is FINMA regulates the financial activities of the country and the citizens will be taxed just like they did with fiat currency.
It's good to know that the city of Lugano has been up to this move since signing a memorandum of understanding with El Salvador some time back.

We will be seeing the free use of BTC, MATIC, USDT and the city’s native LVGA token.
I do wish my country come around to accept it as a means of payment and transactions even though it would need be regulated, but it should come after setting up the proper mediums to facilitate its use and development.

[Viscore]

Good news.

One of those countries where individual freedom is respected, as well as the understanding that people should and can independently decide what and how to do with their money. The same cannot be said about other countries that passionately ban Bitcoin, allegedly caring that the people are not sufficiently informed about its use and creating the illusion of protecting the people’s assets, but in reality controlling their every move. But as we see, Lugano understands that in her country there are smart people who are able to decide everything with their own heads.

Lugano has been known for its trade, tourism and finance, no wonder why its government has become more open minded about cryptocurrency particularly bitcoin since they want to flourish more on their financial aspects and I guess bitcoin would best for it. And knowing their country gives more concern on individual freedom, hence having bitcoin could actually promote financial freedom as an investment and having it as a currency as well wherein citizens can use it to pay it to buy goods and services, and pay taxes at their own convenience.

[LogitechMouse]

While El Salvador made headlines by legalizing BTC as a payment option, the recent decision in Lugano, Switzerland, allowing citizens and tourists to transact in BTC—including tax payments

TBH, the only significant part here is the "including tax payments" because if we will look at BTC, I mean anybody can just make a transaction using Bitcoin as long as the sender and receiver agrees to it right? It doesn't happen only in that place, but wherever in the world.

For example here in our country, the government doesn't prevent us from using Bitcoin to pay something meaning we can use it to pay something either offline or online. I don't know what's significant with that news. The fact that the government allowed their citizens to use Bitcoin on day-to-day transactions? Well, good news I guess, but nothing significant IMO.

More in the future.

[Best-mary]

For those still skeptical about cryptocurrency's role in the future of finance, recent developments underscore its growing significance as a payment system.

With major institutions and countries embracing BTC as a legitimate form of payment, the security of BTC holders' future is increasingly evident. Notably, global giants such as Google, Microsoft, and Wikipedia now facilitate transactions in crypto.

While El Salvador made headlines by legalizing BTC as a payment option, the recent decision in Lugano, Switzerland, allowing citizens and tourists to transact in BTC—including tax payments—signals further mainstream adoption. This news is undoubtedly welcomed by crypto enthusiasts, with hopes for more nations to follow suit. For further insights, refer to this article by Cointelegraph:
 https://cointelegraph.com/news/cryptos-role-daily-payments-beyond-lugano

This is superb news and a giant step towards making Bitcoin acceptable in more countries. I believe that with the integration of crypto payment systems, we'll have a more sophisticated financial infrastructure, as Grace Chen posited. The news about Lugano is just the tip of the iceberg, and we'll soon see crypto play a bigger role in daily payments. People like her are spearheading the adoption of Web3 and crypto through various initiatives, and this news from Lugano is sure to fuel the passion for continued adoption."

People like her are indeed fueling the adoption of web3. Gracy Chen, bitget's MD has featured in different headlines. All of which are directed at empowering women, youth and what have you in the ecosystem. If we continue to see more people pushing the "future" just as she is doing, I bet you those men on suite won't have the loudest voice talking against crypto

[348Judah]

While El Salvador made headlines by legalizing BTC as a payment option, the recent decision in Lugano, Switzerland, allowing citizens and tourists to transact in BTC—including tax payments—signals further mainstream adoption.

This is the aspect that we look more forward to in seeing other countries joining in the adoption of bitcoin as a legal tender after the likes of El-Salvador and Central African Republic, but we can call this a partial achievement since even without the government approval on the use of bitcoin, the people have long ago being using this digital currency for the satisfaction of their financial desires, but as you have said, this may just be a step to the next thing we expect to see from them in making bitcoin use a legal tender in Lugano.

[The Cryptovator]

Accepting Bitcoin for payment tax doesn't mean it is legal tender, like in El Salvador. But it could bring positive changes to the Bitcoin community. However it does led Bitcoin as a legal use for their citizens. It's a kind of Bitcoin adaptation. Still, a lot of countries restrict Bitcoin use. First of all, we need to make Bitcoin legal everywhere, even if it is not a legal tender. So we can use it our own way. Developing countries like ours should take a lesson from how developed countries are adapting to Bitcoin and getting benefits from it. 

[SamReomo]

It's a great thing to hear that another area now accepts Bitcoin as a legal tender. Lugano is a good city and their acceptance of Bitcoin as legal tender is good for all Bitcoin holders and for the ones who believe in Bitcoin.

In coming years many countries and cities will continue to legalize Bitcoin in their jurisdictions. I'm happy that Lugano took that step as one of the major cities of the Switzerland. Surely, in future the whole Switzerland will legalize Bitcoin as Lugano.

[Ticdeneb]

This is indeed the news that many people who are crypto enthusiast wanted to hear. I think this is a good news for bitcoin which another government making bitcoin legal tender. I hope this news would also make other government decided to make Bitcoin legal tender like el salvador and now in lugano. I think this is also good for the people who are in crypto that lives there. I believe they put a lot of thinking before they decided to do this.

Of course, decisions like these aren't done hastily. There must be some sort of good consideration before implementation. I'm glad that some governments are beginning to see the need to legalise crypto. We can't also forget to appreciate those who are at the forefront of pushing for the global adoption of crypto, the likes of Gracy Chen.

[TheVeteranAngel]

This is really great news. I am pleased to read this but not entirely surprised because I would say I saw it coming. That’s how it starts, once a country takes the step, other countries would gradually want to go in. Imagine the other countries who were skeptic if they should do the same. Seeing 2 countries making Bitcoin an actual legal currency will motivate them even more. Can’t wait to see the next country to get into the dance floor.

Once we get the 3rd country then it's game over as it will become a natural thing for other countries to easily adopt. But for now, i hope everything go on well with this two countries so that others can see reasons why BTC and crypto is the future of finance. Also we still need more individuals like Gracy Chen in the industry who has been at the core front of advocating for web3, blockchain and cryptocurrency adoption on a large scale. I think her effort combined with other top individual in the industry is gradually paying off but of course we still need to see more from them until crypto become global and no one is skeptical investing in it.

[oktana]

This is really great news. I am pleased to read this but not entirely surprised because I would say I saw it coming. That’s how it starts, once a country takes the step, other countries would gradually want to go in. Imagine the other countries who were skeptic if they should do the same. Seeing 2 countries making Bitcoin an actual legal currency will motivate them even more. Can’t wait to see the next country to get into the dance floor.

Once we get the 3rd country then it's game over as it will become a natural thing for other countries to easily adopt. But for now, i hope everything go on well with this two countries so that others can see reasons why BTC and crypto is the future of finance. Also we still need more individuals like Gracy Chen in the industry who has been at the core front of advocating for web3, blockchain and cryptocurrency adoption on a large scale. I think her effort combined with other top individual in the industry is gradually paying off but of course we still need to see more from them until crypto become global and no one is skeptical investing in it.

It is already beginning to feel like a normal thing if we see more countries accepting Bitcoin because these two countries have made it possible and have set examples. We probably need big countries to step in too. But that’s not certain because some of these countries are careful on what they do. Nonetheless Bitcoin is growing really well for its age.