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

While Switzerland has long been popular with the wealthy for its banking prowess, the country has also been slowly welcoming those who primarily want to use Bitcoin (BTC) as an alternative form of money.

Cointelegraph reporter Joseph Hall spoke with Pietro Poretti, director of the economic development division for the city of Lugano. They discussed various topics, including how to set up a business using Bitcoin in the city of Lugano, the status of crypto adoption in the city, and the possibility of obtaining a residence permit in the country by using BTC.

According to Poretti, Bitcoin can now be used as capital to set up companies in Lugano. The executive said that companies can be established if they have a minimum of 100,000 Swiss francs (CHF), about $116,000 USD in Bitcoin, to register a company. Initially, the companies would have to deposit the amount in Bitcoin to go through the process of establishing their companies in the city.

Related: Developer Uncle Rockstar Shares Key to Bitcoin Adoption: BTC Prague 2023

The executive noted that companies are already registering their businesses in Bitcoin. According to the executive, there has also been an increase in shops, restaurants and service providers where people can buy goods and services using Bitcoin throughout the city. He explained:

"Ideally, what we would like to achieve is to offer an opportunity to whoever lives here or who visits Lugano to live without having to use fiat currency, without having to use Swiss francs."

In addition to buying goods and services, the executive also highlighted that people residing in the city can pay taxes and contributions in BTC. “The city is open to accepting Bitcoin for taxes and for a number of other fees and contributions that Lugano residents have to make,” he added.

When asked about the possibility of obtaining a residence permit to live in the city using Bitcoin, the executive pointed out that this issue is dealt with at the cantonal level in Switzerland and is not the responsibility of the municipality. However, Poretti remains convinced that with the precedent set by Lugano, other levels could soon be more open to Bitcoin.

“What we envision going forward is, thanks to the example that Lugano is setting, that there could also be other tiers, in the Swiss system, that might be interested in being more open to Bitcoin,” Poretti said.

Pick up this item as NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Bitcoin Is On A Collision Course With 'Net Zero' Promises