Swiss City Lugano partners with Tether to become the Bitcoin Capital of Europe
The issuer of the most widely used stablecoin in the crypto industry, Tether, has announced that it is teaming up with Swiss city Lugano to make the latter the "European Bitcoin capital" and called it a city's "Plan B."
Lugano to become Europe's Bitcoin Capital
Following El Salvador's massive Bitcoin adoption, the ninth-largest city in Switzerland is planning to walk on the same path. As per the announcement by Tether, the partnership aims to transform Lugano into the Bitcoin capital of Europe.Tether said that it intends to transform the city's financial sector by transforming its economic structure by using blockchain. It is unclear what the stablecoin company has planned on the process and development, but more information will be released on March 3.
Lugano announced the launch of its own blockchain in November last year, which was based on a Proof-of-Authority consensus algorithm attached with the Ethereum blockchain. The newly introduced blockchain was based on open-source technology.
More cities towards crypto adoption
As the technology becomes more widely adopted, more cities and even nations are pursuing the adoption of various cryptocurrencies. Moreover, multiple governments have claimed that they are developing their own Central Bank Digital Currencies or CBDC, which would allow for the direct integration of blockchain technologies into the traditional financial system.In September 2022, the Swiss Financial Market Supervisory Authority or FINMA approved the Crypto Market Index Fund as the first crypto fund under Swiss law.
El Salvador, which previously recognized Bitcoin as legal tender and is continually buying more bitcoin on its way down, has the most widespread acceptance among cities and nations.
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