PRViously on Crypto: Lugano to recognize crypto as legal tender

Cryptocurrency will be recognized as legal tender in Lugano

Following El-Salvador in recognizing Bitcoin as legal tender last year, many people in different regions of the world have been thinking about it and making plans 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.

Also Read: Bitcoin technical analysis for beginners

Europe’s Crypto Hub

The city stated Monday that cryptocurrency would be accepted as legal tender. Michelle Folleti, the city’s mayor, made the announcement during a live broadcast of the Lugano Plan B event, which Tether co-hosted.

According to him, Bitcoin (BTC), Tether (USDT), and Lugano’s LVGA Points Token will be acknowledged as de-facto currencies.

Last year, the city created the LGVA coin, which runs on Lugano’s Proof-of-Authority blockchain. Around this period, the city began experimenting with blockchain technology and cryptocurrency payments.

The city began formulating arrangements to accept Bitcoin and Tether as legal tender around 18 months ago, according to Pietro Poretti, the city’s director.

He also mentioned that “Lugano is the economic capital of southern Switzerland, and it has always been a pioneer in the development of new opportunities,” says the mayor.

Cooperation with Tether helped the process of accepting cryptocurrency as legal tender. Tether’s stablecoin USDT was recognized as one of the legal tenders as a result of this.

According to Tether’s CTO, Paolo Ardorino, the business collaborated with the city to establish a $100 million incentive fund for startups who transfer their headquarters and staff to Lugano.

Companies in the Cryptocurrency Industry

This collaboration aims to bring more crypto startups to the city. Tether will also help to build a major startup hub in the city’s heart, which will house startups from all around the world.

So, we have a crypto Silicon Valley in the heart of Europe’s banking powerhouse. Lugano’s strategy to become a crypto center is detailed and well-organized.

There will be a severe labor shortage if the city is successful in recruiting the number of startups it hopes to attract. As a result, they are turning to academics to fill the gap. The goal is to promote blockchain and cryptocurrencies-related education. This will result in a workforce that is well-versed in blockchain technology.

The companies have also set aside funding for 500 scholarships for students interested in blockchain and crypto technology, according to Ardorino.

This scholarship will now bring cryptocurrency aficionados from all around the world to the city. This will help them develop the well-educated crypto workforce that they envisioned in their strategy.

This strategy has taken a lot of work, and as Ardorino stated,

“This isn’t a gimmick; it’s a collection of concrete actions to make Lugano the world’s blockchain capital.”

Also Read: How to: Calculate your crypto taxes

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