Bitcoin Accepted as Mode of Tax Payment in Switzerland’s Lugano City

Presently, the cryptocurrency sector is showing a pullback after its highest one-day gain on February 28. The value of the global cryptocurrency industry has fallen by 3.3% in the previous 24 hours, and now stands at $1.84 trillion, according to the CoinMarketCap.com. Reversal began after the numero uno crypto failed to break the psychological level of $45,000. A modest sharp drop was triggered as a result of the escalated Russia-Ukraine confrontation, which includes the takeover of a nuclear power facility.

Tether (USDT), the biggest stablecoin by market value, has collaborated with Lugano to start receiving cryptos for tax bills in the Swiss city. The collaboration intends to demonstrate the practical uses of blockchain via larger-scale testing of blockchain projects. To resolve the city’s scalability issues, Tether aims to use the Lightning network, which is the second layer solution for Bitcoin.

A multi-million dollar fund for blockchain companies and facilities in the region will also be created as part of this commitment. Cardano has amassed $134 million in total value locked despite only having six decentralized protocols (DeFi) on the chain (TVL).

Developers are increasingly turning to decentralized exchanges (DEX) as a protocol of choice. Four of the six protocols on Cardano are decentralized exchanges. SundaeSwap has a TVL of $120 million, which is the most in the band. Gal Gadot and Coti, the stablecoin issuer for the Cardano stablecoin Djed, have invested $2.6 million in Adaswap, which has been in development mode.

Adaswap plans to issue the ASW token to exchanges, implement a staking mechanism, and establish the ADANFT marketplace, according to its roadmap. An AMM (Automated Market Maker) interface is also planned for AdaSwap DEX and Stake & Forget protocols. By March 2023, the Adaswap team intends to connect Cardano to Ethereum, BSC, and Casper coins.

Play-to-earn season 2 alpha launch of the Sandbox metaverse game, owned by NFT investment behemoth Animoca Brands, has reached a significant milestone with over 2 million registered gamers. In late November, a crypto game based on NFTs and its SAND currency, which has been in development for a long time, debuted its first alpha season.

Virtual worlds may be explored in the game, including a preview of Snoop Dogg’s “Snoopverse,” a virtual world created in conjunction with the renowned rapper. Players may earn a chance at an Alpha Pass NFT, valued up to 1,000 SAND and around $3,000 at current values, by completing one of 200 tasks.

In a decentralized manner, the Ekta Real Estate NFT marketplace allows investors to hold parts of projects with their crypto assets, providing early liquidity for developers. Small investors will be able to participate in major projects by purchasing fractional NFTs that are related to real estate. When it goes live at the end of March, big international developers of real estate will be able to start putting their products on this NFT platform for sale.