In an interview with Pietro Poretti, the director of the economic development division of the city of Lugano, Cointelegraph explores how Switzerland is embracing Bitcoin as an alternative form of money. Poretti shares insights on setting up a company using Bitcoin in Lugano, the growing acceptance of cryptocurrencies in the city, and the potential for using BTC to obtain a residence permit in the country.
Setting Up Businesses with Bitcoin in Lugano
Setting up businesses with Bitcoin in Lugano is now possible, with a minimum requirement of 100,000 Swiss Francs (CHF), equivalent to approximately $116,000 USD, in Bitcoin as capital. Companies are required to deposit this amount in Bitcoin during the registration process. Poretti highlights that several businesses have already adopted this approach, and the city has witnessed an increase in shops, restaurants, and service providers accepting Bitcoin as a means of payment.
Living Without Fiat Currency in Lugano
Lugano aims to create an environment where residents and visitors can live without relying on fiat currency or Swiss francs. Additionally, the city allows individuals to pay taxes, fees, and contributions in Bitcoin.
Potential for Residence Permit through Bitcoin Usage
While obtaining a residence permit through Bitcoin usage falls under the jurisdiction of the cantonal level in Switzerland, Poretti remains optimistic that Lugano’s example will encourage other levels of government to be more open to cryptocurrency adoption.
As Switzerland has been known for its banking excellence, the country is gradually opening its doors to those interested in using Bitcoin. Lugano’s efforts to facilitate Bitcoin-based business setup and living expenses align with the increasing global trend of cryptocurrency adoption. This supports the vision of a future where digital currencies play a significant role in everyday transactions, offering greater financial freedom and convenience.
By preserving this moment in history as an NFT, individuals can demonstrate their support for independent journalism in the crypto space. The interview with Poretti sheds light on Switzerland’s approach to Bitcoin and its potential impact on the country’s economic landscape.