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WEXO NEWS: In the Swiss city of Lugano, bitcoin will "de facto" be a legal tender. The number of "non-zero" bitcoin wallets exceeds the new high of 40 million.
The Swiss city of Lugano, which is the "capital" of Italian-speaking southern Switzerland, accepts tax payments in cryptocurrencies. At the same time, the city's leadership wants businesses operating in the town to accept cryptocurrency payments for everyday transactions.
To become the blockchain capital of Europe, the city administration has also established a dedicated centre for blockchain adoption - the Centre of Excellence for Blockchain Adoption - in cooperation with stablecoin provider Tether (USDT).
The collaboration demonstrates real-world use cases of blockchain through its practical application in the local community, including adopting cryptocurrency payments and experimentation with blockchain solutions on a city scale. Tether and the city specifically plan to implement the Lightning Network, the second layer added to the Bitcoin (BTC) blockchain, to overcome scalability barriers to their city's crypto infrastructure.
On-chain statistics indicate positive sentiment for bitcoin (BTC), as addresses with non-zero BTC balances have reached an all-time high.
Additionally, those wallets with positive BTC balances are increasingly holding their coins. The number of addresses with a non-zero balance grew sharply in 2019 and 2020 until mid-2021 when growth seemed to taper off to around 35 million addresses. However, growth in this metric has increased sharply since early 2022, leading to a new all-time high of 40,276,163.
The sudden surge in BTC supply, which was last active three to five years ago, coincides with the peak of the last extended bull market in early 2018.
Some military suppliers to Ukraine are accepting cryptocurrencies, the Ukrainian government said. Ukraine has been using cryptocurrencies since Russia invaded its territory in late February. More than $60 million in bitcoins (BTC), ether (ETH) and other cryptocurrencies have already been donated to Ukraine. The government immediately spent some of these funds on fuel, food, and other supplies - including equipment for soldiers, such as bulletproof vests and night vision goggles for troops.
Ukraine's Ministry of Digital Transformation facilitates the purchase of military equipment based on Defence Ministry requests, Deputy Minister Alex Bornyakov said. At the same time, Ukraine has only recently legalised bitcoin and other cryptocurrencies.