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Lugano Switzerland to accept Bitcoin as de facto legal tender
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Lugano, Switzerland to accept Bitcoin as de facto legal tender

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Lugano Switzerland to accept Bitcoin as de facto legal tender

Lugano Switzerland to accept Bitcoin as de facto legal tender

Lugano, Switzerland to accept Bitcoin as de facto legal tender

What

What?! The Swiss city of Lugano is planning to accept Bitcoin and Tether as de facto legal tender, according to a local media outlet.

The city announced it would treat the two digital currencies similarly to how it treats the Swiss franc. As far as legal tender in Switzerland is concerned, this move marks the first time decentralized money has been officially recognized by any major city in the world.

The Swiss city, Lugano, plans to accept Bitcoin and Tether as de facto legal tender

Lugano, a Swiss city that is popular for its Alpine scenery and lakes, has recently outlined plans to accept Bitcoin and tether (USDT), a cryptocurrency pegged to the US dollar, as “de facto legal tender”. This will allow traders in the lakeside town to pay for both public services and retail goods using cryptocurrencies.

Why

The country aims to create a cryptocurrency hub in Europe that utilizes cryptocurrency in its financial sector

It seems like everyone is trying to create their own cryptocurrencies and in the midst of all that madness, Gibraltar has decided to get in on the action. As a British overseas territory, it’s no surprise that they want to take advantage of the financial opportunity presented by cryptocurrencies while they can.

What next

The country will roll out “Plan ₿” which aims to facilitate financial literacy and the adoption of cryptocurrency by creating a European epicenter for blockchain events and businesses

The story

The city of Lugano, Switzerland has announced that it will be accepting Bitcoin, Tether, and LVGA (the city’s own coin) as de facto legal tender. This was announced at the live-streamed event hosted on Thursday, 3 March 2022, by the city’s mayor ​​Michele Foletti, city director Pietro Poretti, and CTO of Tether Paolo Arduino.

The trio unveiled “Lugano Plan ₿”, which details the Swiss city’s plan to become Europe’s Bitcoin capital. The initiative could be likened to El Salvador in its adoption of certain cryptocurrencies as legal tender and plans to integrate cryptocurrency into all areas of the financial sector. Arduino explains that “with this Plan B we want to show that the tooling, the instruments that we’re creating can be actually put to work in a local, controlled, vibrant environment like the City of Lugano.”

Here is a breakdown of what else “Lugano Plan ₿” includes:

  • An estimated $108.6 million in funding for the investment and relocation of blockchain start-ups in Lugano.
  • Over $3.2 million in funding to support the adoption of cryptocurrency in Lugano.
  • The creation of a physical epicenter for events and workshops.
  • Poretti’s “synergy with academia” includes over 500 student grants for financial education about cryptocurrency and decentralized technology.
  • The plan is to investigate and employ clean energy solutions for their mining.

Lugano’s initiative is backed by Tether and has infrastructure partners like Polygon. Lugano will host the Bitcoin World Forum in late October of this year.

Hooray for cryptocurrencies! A genre of digital currency is being used for money transfers and fund movement between individuals. Especially, it has been widely adopted in industries like tourism and freelancing, which provides a great deal of advantages for those practitioners.

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