- en
Lugano is introducing cryptocurrencies in the payment system
Lugano, the city in the southern part of Switzerland, is introducing cryptocurrencies as means of payment, mayor of Lugano Michele Foletti announced this as the result of collaboration with Tether stablecoin. The aim of the project is to establish cryptocurrencies as equal means of payment as credit cards and cash. Cryptos will be used for payments of taxes, goods and services.
The three proposed cryptocurrencies for this project are Bitcoin (the most popular global cryptocurrency), USDT Tether and LVGA token. They are set to be introduced as legal tender for payment in the city of Lugano.
The partnership with USDT Tether for this project was logical, since this cryptocurrency is one of the most stable on the market. It is tied to the US Dollar, which makes it stablecoin type, with consistent and resilient growth.
To further support this partnership, Mayor Foletti introduced LVGA tokens. This cryptocurrency is important for this city because it was founded in Lugano.
The whole plan was modeled from the strategy of El Salvador, which was the first country in the world to recognize cryptocurrencies as legal tender. However, in El Salvador, only Bitcoin is included in this strategy. The project in Lugano is fairly similar, with important expansion to two more cryptocurrencies.
To further develop this project, mayor Foletti and the City Council announced over 500 scholarships which will enable students who receive them to enhance their knowledge, through studying cryptocurrencies and Decentralized Finance (DeFi).
The final part of this project is the Bitcoin World Forum, an event which will be organized in October 2022. Lugano will be the host of this important event, which will further establish the city as a leader in cryptocurrency. (photo credit: starline/Freepik)
