Bitcoin (BTC) and Tether (USDT) will be the official currencies of the southern Swiss city of Lugano, which is trying to become the “European Bitcoin Capital”. Bitcoin will be the official currency. Tether’s CTO Ardoino said that they partnered with Tether for this work.
Ardoino said that in addition to BTC and USDT, Lugano’s token, Luga (LVGA), will also be accepted by the city’s businesses and the public sector. The CTO said that the use of both USDT and LVGA on the Polygon (MATIC) blockchain is expected to play a significant role in the adoption of the Lightning Network and Bitcoin.
In the new crypto-focused initiatives announced during the event, it was said that new offices will be opened for more than 25 companies in the field of Bitcoin and blockchain.
Ardoino said his company has created a pool of 100 million Swiss francs ($109 million) to support startups from other countries who want to settle in Lugano.-
Additionally, Ardoion said Tether is creating a fund “to accelerate the adoption of bitcoin, Tether and luga (the city’s stablecoin) by all businesses in the city.” At the same time, Tether’s CTO added that the company is talking to the city about developing a bitcoin mining facility that will be “powered by 100 percent renewable energy.”
During the event, it was said that the products and services included in the work to make it a de facto official currency are as follows:
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