Swiss City Makes Bitcoin ‘De Facto Legal Tender’ A city in Switzerland has announced that it is making Bitcoin “de facto” legal tender — alongside the Tether stable coin and its own native token. Lugano says the move is designed to ensure the region becomes “a major hub for European blockchain adoption” — and unlock compelling use cases for local communities. Proposed measures include allowing citizens and companies to pay tax bills in crypto — as well as purchase everyday goods and services. The next steps include ensuring local businesses have the infrastructure required to accept crypto transactions — with funds converted into fiat currencies at the point of purchase. A number of initiatives are going to be pursued as a result of a memorandum of understanding between Lugano and Tether — including a multimillion-dollar fund “to help finance blockchain-based startup companies,” and 500 scholarships to help educate students about how this technology works. Lugano also plans to use “natural resources and environmentally friendly alternatives to power Bitcoin mining” — most likely in a bid to stave off critics who are concerned about the impact that Proof-of-Work blockchains have on the climate.