Swiss City Lugano is Planning to be the Bitcoin Capital of Europe

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Key Takeaways:

  • Lugano has collaborated with Tether to make itself Europe’s bitcoin capital.
  • Tether sees potential in bitcoins and stablecoins to revolutionalise the financial sector. 

After El Salvador accepted Bitcoin as a legal tender, Lugano’s turn to participate among the top players. Today, Tether has announced on Twitter that they are joining hands with Lugano to make the latter the “European #bitcoin capital” and has mentioned it as the city’s “Plan B”. 

Earlier in November, Lugano declared it a crypto-friendly city and announced the launch of its blockchain. Their blockchain was dependent on a Proof-of-Authority consensus algorithm, linked to the Ethereum blockchain, and worked on open-source technology. 

The mayor of Lugano then declared, “We have always followed the development of new technologies very closely, and we have identified blockchain as a topic of great interest for both multinational and local companies, citizens and businesses. We believe that a city must be at the service of its citizens. With these initiatives, we intend to place Lugano as a top-level player on the international scene, for all applications related to this technology.”

His statement aligns with Tether’s goals, as mentioned in its tweet that bitcoins and stablecoins are here to bring revolution in the financial sector, thus leading to this collaboration.

The top issuer of the largest stablecoin is yet to reveal more information on a live stream on March 3, 2022. 

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!