Lugano in Switzerland, in partnership with stablecoin issuer Tether, plans to adopt Bitcoin, Tether, and LVGA as a legal tender in the Italian-speaking city of Lugano.

The Citizens of Lugano will be able to use these cryptocurrencies to pay taxes, pay for public services, parking tickets, ID and passports, tuition, rent spaces, etc.

This development was announced in the Plan B event hosted in the city of Lugano on Thursday.

Speaking on the partnership, the CEO of Tether, Jan Ludovicus van der Velde, said the initiative will position Lugano as the Bitcoin capital of Europe.

Velde said Lugano will be “a hub for European bitcoin adoption and a model of excellence of financial freedom for the entire world.”

In the last 24 hours, bitcoin has been down by 5%, with a current price of $41,489.89 as of the time of writing this. Within 24 hours, bitcoin experienced a $41,122.77 low and $44,089.83 high. The trading volume of bitcoin in the last 24 hours is $24,608,288,833. The current market capitalization of bitcoin is $787,239,197,981. Currently, $18.97M bitcoins are in circulation.

Stats and Image from Coin Gecko

The chief technical officer at Tether, Paolo Ardoino, who was present at the plan B event, said that Tether had partnered with Lugano officials to set up a 3 million Swiss franc fund to push for the adoption of Bitcoin, Tether, and LVGA in the city.

Over 200 businesses and shops are expected to start accepting these cryptos as payment around the city.