Lugano, a small town in Switzerland, follows in the footsteps of El Salvador. Swiss city goes from three Cryptocurrency Establish legal payment methods. These are Bitcoin (BTC)and Tether (USDT) and the LVGA token.
Lugano Mayor Michele Folletti held a presentation this week with Tether’s Director of Technology Paolo Arduino called “Plan Lugano.” Together, they want to make the city of about 65,000 people the Bitcoin capital of Europe.
– Paoloardoino March 3, 2022
Lugano is backed by Tether, the sister company of Bitfinex and the issuer of the world’s largest stablecoin: USDT. Arduino says during the presentation:
“El Salvador’s GDP rose by 10% and tourism by 30% after Bitcoin was declared legal tender. Imagine what we could do in a city in central Europe.”
Like El Salvador, Lugano wants to integrate cryptocurrency payments into everyday life. It should become possible to use BTC and USDT as a means of payment for public services as well as to pay your taxes.
Lugano, the center of bitcoin in Europe?
As part of the plan, a physical site will open in the heart of the city. This should serve as the hub for all crypto and blockchain startups. In addition, more than 200 stores and businesses in the city are expected to accept crypto payments for products and services.
Tether will establish two funds. One in 3 million Swiss francs (CHF) for the city and one in 100 million Swiss francs for start-ups. Tether will also support the company by awarding 500 scholarships in the future.
Bitcoin uses the Lightning Network, the so-called Layer 2 Network for faster and cheaper transactions. Finally, Tether also wants to focus on research in Bitcoin mining in a greener way. Foletti says:
“We firmly believe in this technology, in its scalability, and in our integrated partnership with Tether to build a smarter, more open and transparent city.”
Greetings from Lugano Tweet embed † For a while we had a TV channel El Salvador Tweet embed 🇸🇻 Attending Lugano’s Plan event. Lugano and the future # bitcoin Perhaps a city in El Salvador should become sister cities? What do you think, mayor? Tweet embed † #LuganoPlanB pic.twitter.com/QGk4jl6GDq
– rope (Tether_to) March 5, 2022
“Coffee buff. Twitter fanatic. Tv practitioner. Social media advocate. Pop culture ninja.”