Exec shares process of setting up a business in Switzerland with Bitcoin

Crypto Adoption in Lugano, Switzerland

Switzerland is well-known for its banking prowess, but the country is also gradually welcoming those who want to use Bitcoin (BTC) as an alternative form of money. Cointelegraph reporter Joseph Hall interviewed Pietro Poretti, the director of the economic development division of the city of Lugano, to discuss the possibility of setting up a company using BTC in the city, the state of crypto adoption in the city, and the possibility of getting a residence permit in the country with BTC.

According to Poretti, it’s now possible to use BTC as capital to set up companies in Lugano. Businesses need to deposit a minimum of 100,000 Swiss Franc (CHF), or approximately $116,000 USD in Bitcoin, to register a company. He also noted that companies are already registering their businesses in Bitcoin, and that there has been an increase in the number of shops, restaurants, and service providers where people can purchase goods and services using crypto throughout the city. He explained:

Lugano Residents Can Now Pay Taxes and Contributions in Bitcoin

The executive of Lugano stressed that the city is open to accept Bitcoin for taxes and several other fees and contributions that Lugano-based residents have to make. Furthermore, when asked about the possibility of obtaining a residence permit to live in the city using Bitcoin, the executive noted that it is a matter that is dealt with at the cantonal level in Switzerland and is not within the municipality’s jurisdiction.

However, Poretti remains positive that with the precedent set by Lugano, other levels might soon be more open to crypto, such as Bitcoin, and other digital assets like Stellar (XLM) and VeChain (VET). “What we foresee going forward is, thanks to the example that Lugano is setting, that there might be also other levels, in the Swiss system who might be interested in being more open to Bitcoin,” Poretti said.

The introduction of Bitcoin for taxes and contributions is a great step forward for the crypto space, and it is an indication that Web 3.0 is going great. Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Categorized in:

Tagged in: