Lugano Adopts Crypto in a Big Way

Bitcoin Adoption Switzerland

Bob Coiney

March 4, 2022

Lugano, a city situated on the shore of Lake Lugano whose feets steady on the southern canton of Ticino, Switzerland, having around 200 municipalities within its boundary where the city of Lugano houses a population of over 53,000 people made a great stride recently, as it officially adopted Crypto into its system, taking a firm lead after El-Salvador who made such remarkable feat some months back. 

Set to Drive a Crypto-Friendly Economy

One key way to drive and build a sustainable Nation is no doubt via the deployment of economic drivers which lures investors as well as mega-companies into such countries. The next kind of economic driver can be said to be the use of Blockchain technology. Having this foresight, Lugano is set to ‘roll the red carpet for Bitcoin and blockchain businesses, as well as enthusiasts to relocate to the city. The city of Lugano, Switzerland, will make bitcoin legal tender thereby allowing its citizens to pay for public service fees or taxes in bitcoin.

Adopting Crypto on all fronts, the announcement indicated that government departments and local businesses are required to accept $BTC, $WBTC, and $USDT for Taxes, Payments, Tickets, Salaries, and many other prospects which may be revealed soon. While this resonates over time, Lugano has not just adopted Crypto but has further made Polygon the official blockchain platform.

Words on the Marble 

Being set for this big event, the city Director, Pietro Poretti co-announced in an event live-streamed recently, alongside mayor Michele Foletti as CTO of Tether, Paolo Ardoino said that “This is probably the most important thing of this project”, referring to “Plan ?,” a city initiative being sketched and worked in collaboration with Tether to attract wealth, smart minds, and opportunities. Tether’s stablecoin USDT will also become a legal tender in the city. The city has also worked with over 200 merchants to propel the adoption of bitcoin and Lightning payments.

Plan B or The Plan for Bitcoin

Plan ? involves the creation of a physical venue in the heart of the city to function as a hub for Bitcoin and blockchain startups interested in making the city their new home, as well as the go-to place for networking events and hosting Bitcoin meetups and workshops.

With El-Salvador’s GDP increasing by 10% and its tourism by 30% after declaring bitcoin a legal tender,  Ardoino tenaciously believes that Lugano can do better even as it situates at the center of Europe 

Plan ? also provides the creation of two investment funds. The first will allocate up to $3.26 million to foster the adoption of bitcoin, USDT, and LVGA, the city’s stablecoin worth one-hundredth of a Swiss franc which will also be legal tender in Lugano. The second represents the formation of a pool of funds of up to $108.6 million for Bitcoin and blockchain startups that wish to relocate and set up their headquarters in the city as well as bring personnel to the Switzerland town.

Tether and Lugano

After its declaration, Tether joined the massive movement with Lugano. The goal of this collaboration is to demonstrate the real-world use of blockchain technologies by applying them practically to local communities in Lugano. To date, most blockchain projects have focused on foundational efforts that give little attention to local communities and deliver practical applications.