Lugano, a city in Switzerland, is joining the ranks of El Salvador by making Bitcoin a legal tender. LVGA and Tether will also become legal tenders in the city as part of its blockchain development plan. Citizens can buy products and pay for services and taxes using Bitcoin (BTC), LVGA, and Tether (USDT).
“Plan B” Is Unveiled By Lugano
Lugano is proposing Bitcoin and Tether as legal currencies in the city. Also, its LVGA token is part of the list. Before Tether made a post on Twitter, officials of the Swiss city revealed the upgrade, titled “Lugano’s Plan B,” in a live webcast on Thursday. A press release revealed that Lugano residents and businesses would be able to use BTC, USDT, and LVGA to pay for all products, services, and taxes “in the coming years.” When citizens utilize digital currencies as a means of exchange, the funds are converted into local currency through a third-party facilitator.
Partnership Between Tether And Lugano
In Lugano’s Plan B, the city partnered with Tether to make the Swiss city a hotspot for adopting blockchain technology in Europe. With the collaboration, Lugano and Tether hope to demonstrate blockchain’s actual benefit in the locality. According to the news announcement, the cooperation will be Tether’s “first complete practical use in an urban scenario.”
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Also, the city is concentrating on assisting companies in integrating stable coin payment systems, and it intends to achieve scalability by leveraging the Layer 2 Lightning Network of BTC. Tether and Lugano have also pledged to a number of additional projects, including the establishment of a blockchain company center and a startup fund. Lugano also intends to mine Bitcoin using green energy.
According to Lugano Mayor Michele Foletti, the agreement is an “investment in the city’s future.” He stated that Lugano is a firm believer in blockchain’s capabilities and that the collaboration will aid in the creation of “a stronger and more open, accessible, and smart city.”
Tether’s Chief Technology Officer, Paolo Ardoino, emphasized that the company is looking forward to working with Lugano. Tether wants to help the city actualize its dream of “being a paradigm for worldwide acceptance” of crypto technology. The company also aims to assist all businesses in harnessing blockchain in the long term.
Although Lugano will be the first city in Switzerland to declare BTC as a means of exchange, El Salvador remains the first country globally to adopt cryptocurrency as legal tender on a wide scale. El Salvador defied the odds when it formally recognized BTC as a means of exchange in September 2021. The President of El Salvador, Nayib Bukele, has subsequently focused efforts on the top cryptocurrency by mining cryptocurrencies from volcanoes, creating a Bitcoin city, and constantly “purchasing the dip” on bear markets. However, the government’s adoption of BTC has been met with harsh condemnation from Salvadorans and authorities alike. We would like to see how Lugano’s crypto move will turn out.
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