What’s going on in Lugano Switzerland, in 2024, is really impressive. The number of merchants accepting crypto payments and the ease with which people are using crypto is remarkable.
While attending the Plan B Blockchain Conference in Lugano on 25 October 2024-26 October 2024, I purchased a hot chocolate and was swiftly offered a machine to make payment with crypto.
In fact, in Lugano, more than 400 shops accept payments in Bitcoin and stablecoins (USDt and LVGA). During the two-day conference, I verified this to be true. The credit for this goes to Michele Foletti, the Mayor of Lugano, who has come to be known as the Crypto Mayor of Switzerland.
The Crypto Mayor of Switzerland, alongside Tether CEO Paolo Ardoino, unveiled a Satoshi Nakamoto statue in Lugano on 25 October 2024.
“Lugano is rapidly becoming a leading hub for digital innovation, and this statue honors Satoshi Nakamoto but also embodies the forward-thinking spirit that drives our city,” Foletti remarked.
Crypto Mayor: No Capital Gains Tax On Crypto In Switzerland
During the conference, Foletti used the stage to highlight that Switzerland does not impose a capital gains tax on cryptocurrency transactions for private investors. At this moment, Tether’s CEO chimed in to add that Swiss are lucky people!
Criticising heavy taxes on Bitcoin and crypto, Ardoino said that it is an attack against freedom and a way of soft banning Bitcoin. In fact, Ardoino had a pinned tweet on his profile of his espresso paid for with Bitcoin and de facto legal tender in Lugano.
Ardoino moved based from London to Lugano recently. He credited low bureaucracy and Swiss tactics for his move to Lugano.
Talking about mindsets around accepting crypto payments, Ardoino highlighted Tether’s public-private partnership between the municipality of Lugano to “leverage Bitcoin technology as the foundation to transform the city’s financial infrastructure.”
Criticising other European countries, Ardoino said, “Denmark wants to suddenly implement a 42% crypto tax, even on unrealized P&L on Bitcoin.”
“Luckily, we are here in Switzerland. It’s a good showcase for guys in the world on how a legal place should work.”
Ardoino also expressed how impressed he was with the fact that Lugano accepts taxes in Bitcoin. “I come from a small town. My grandparents trusted three people—the priest, the doctor, and the banker. I think that banker should go back to being the banker of the old times.” We are a society. Society was born to be peer-to-peer. Applauding Foletti, who was elected again this year as the mayor, Ardoino said that “Lugano has become this huge showcase in the world for accepting taxes being paid in Bitcoin.”
Explore: Tether “Attracts Property Rights Under English Law,” UK Court Rules
US v/s Europe: Attitude Towards Crypto
Regarding the US elections, Ardoino said that “hopefully we will see more push towards using Bitcoin” post this election. However, when it comes to Europe, he thinks that it is more likely that Switzerland will do this before Europe.
“Europe will be last in the war.” Ardoino said.
He insisted that Bitcoin brings financial freedom and independence. “The concept of independence and resilience that should start from a single person, to your own family, and then grow to your own community, your own city, Canton, country, and state.”
“So start from the bottom and go up,” said Ardoino. “I think Lugano is the right size to start experimenting with this concept.”
During the conference, in a room full of people, it was asked how many wanted to move to Lugano. And 25 hands shot up.
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