Switzerland has been getting active into the blockchain and the crypto exchange scene. And They have started issuing the crypto licenses to the banks too. Now there will be digital assets that would be hold onto the banks and people would be able to keep assets in digital form from now on.
Switzerland has gone with the crypto adoption with more serious nature. And has allowed some level of freedom to the consumers. And this means they have also found ways to centralized certain coins through the companies like Tether, Circle and others.
Recently they started allowing the local people to accept cryptocurrency through the bills and the other payment options within the nations where they want users to pay bills with crypto. So there is a city named Lugano which took this step.
Every time a city accepts the crypto in bills and payment, it encourages new generation and the old to accept crypto even faster which kind of is a chain reaction.
Let's talk about what is happening to the City of Lugano with crypto adoption.
Lugano Accepting Bitcoin and Tether
Switzerland's City of Lugano has decided to accept the Tether and Bitcoin in it's municipalty billing system. They are allowing the consumers with a QR code which would open up with the available options fo the payments, which includes crypto, fiat and other payment options.
Here Bitcoin and Tether are two options with the cryptocurrency that are available out there for the people. So they can choose to pay with using one of the available option that we have around for their bills that are issued by local municipalty. It's a good start if you ask me for the payments with Tether locally.
Impact of Govt accepting Crypto on Economy
We are all happy that govt has adopted the crypto. We invited the wolf into our farm. And now we need to know that crypto has been in adoption by govt too. Which means they are going to hold the crypto for us, in short our decentralized project has gone centralized.
Imagine bitcoin and tether reserve being on hold by each govt. And they could use it to be more powerful in terms of the economy. And if you consider the crypto reserve to be making sense for them to sell in international markets where they can gain edge. Which goes to show that having a crypto reserve benefits the nation too.
Digital Swiss Franc coming Soon
It's a good crypto party going on but soon there will be CBDC and the average people who want to survive into this world would have to come in terms of the reality that CBDC would be more of a norm. And they would reduce the crypto adoption for few percent if not all. Because they would be in use every single day.
Digital Franc is a need of the hour, the reason being world does not come to swiss anymore for money laundering. And so the crypto was kind of made the new friend there. So the swiss economy has to get into the CBDC and also the digital franc is meant to start the old business of the laundering. That too in a legal way. So they desperately want to be on the blockchain.
El salvador and many other places started with the small shops, municipal places for the payments. And slowly that adoption took off in the market. Which helps the city and the states to adopt the crypto quicker. Since pandemic world is changing and Bitcoin and Tether are going to play a big role not just in Swiss but also in Europe.