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

Pietro Poretti, director of the economic development division of the city of Lugano, said his goal was to enable people to live in the city using only Bitcoin.

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While Switzerland is popular among the wealthy for its banking prowess, the country is also slowly accommodating those who primarily want to use Bitcoin (BTC) as an alternative form of currency.

Cointelegraph reporter Joseph Hall spoke with Pietro Poretti, the director of the economic development division of the city of Lugano. They discussed various topics, including how to start 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 through the using BTC.

Pietro Poretti sits down with Cointelegraph's Joseph Hall. Source: Cointelegraph

According to Poretti, Bitcoin can now be used as capital to set up businesses in Lugano. The executive said businesses can set up if they have a minimum of 100,000 Swiss Francs (CHF), or about $116,000 in Bitcoin, to register a business. Businesses should initially deposit the amount in Bitcoin to go through the process of establishing their businesses in the city.

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

"Ideally what we would like to achieve is to offer the possibility for everyone who lives here or those who visit Lugano to live without having to use fiat currency, without having to use Swiss francs."< /p>

Besides purchasing goods and services, the executive also insists on...