Lugano now accepts cryptocurrency as legal tender
Following El-Salvador’s last year’s recognition of Bitcoin as legal money. Numerous regions of the globe have been debating the issue and developing initiatives in that regard.
This time, the train came to a halt at Lugano, a city in southern Switzerland that aspires to become a Bitcoin hub in the heart of Europe.
Yesterday, the city stated that it will recognise cryptocurrency as legal cash. Michelle Folleti, the city’s mayor, made the news during a live broadcast of the Lugano plan B event, which was co-hosted by Tether.
He said that de facto currencies such as Bitcoin (BTC), Tether (USDT), and Lugano’s LVGA Points Token would be acknowledged.
The city launched the LGVA coin last year, which is based on Lugano’s Proof-of-Authority blockchain. Additionally, it was around this time period that the city began experimenting with blockchain technology and cryptocurrency payments.
According to the city’s director, Pietro Poretti, the city began planning to adopt Bitcoin and Tether as legal money around 18 months ago.
Additionally, he said that “Lugano is southern Switzerland’s economic hub and has long been a pioneer in the development of new prospects,”
A cooperation with Tether helps in the process of adopting cryptocurrencies as legal money. This effort was rewarded with the inclusion of Tether’s stablecoin USDT as a legal tender.
According to Paolo Ardorino, Tether’s chief technology officer, the business collaborated with the city to establish a $100 million incentive fund for entrepreneurs relocating their headquarters and staff to Lugano.
This collaboration aims to bring more cryptocurrency firms to the city. Tether will also contribute to the development of a major startup hub in the city’s central business district, which will house entrepreneurs from across the globe.
As a result, we’re looking at a crypto Silicon Valley located in the heart of Europe’s financial capital. Lugano’s plan to become a crypto centre is fairly detailed and well-defined.
If the city is successful in recruiting the number of startups it seeks, there will be a severe labour shortage. As a result, they are turning to academics to fill this need. The goal is to increase awareness of blockchain and crypto-related education. This will result in a well-educated workforce that is conversant with blockchain technology.
Additionally, the firms have put aside funding for 500 scholarships for students studying blockchain and crypto technology, according to Ardorino.
Now, this scholarship will bring cryptocurrency aficionados from all around the globe to the city. This will result in the development of the educated cryptocurrency workforce they envisioned in their strategy.
This strategy has taken a great deal of time and effort, and as Ardorino said; “This is not a marketing trick; it is a series of actual actions to establish Lugano as the world’s blockchain capital.”