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Lugano, Switzerland will make Bitcoin legal tender

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Lugano will also “roll the red carpet” for Bitcoin and blockchain companies and enthusiasts to flock to the city.

The city of Lugano, Switzerland will make Bitcoin legal tender and allow citizens to pay any utility fees or taxes in Bitcoin, city director Pietro Poretti announced at a live-streamed event Thursday alongside the mayor. Michele Foletti and Tether’s CTO Paolo Ardoino. . The city has worked with over 200 merchants to drive adoption of Bitcoin and Lightning payments.

“This is probably the biggest thing about this project,” Ardoino said, referring to the “Plan₿”, a city initiative that is being designed and working in collaboration with Tether to attract wealth, smart minds and opportunity. Tether’s stablecoin USDT will also become legal tender in the city.

Plan ₿ involves creating a physical location 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 venue for networking events. Bitcoin Dating. Workshops.

“El Salvador’s GDP increased by 10% and its tourism by 30% after declaring Bitcoin a legal tender,” said Ardoino. “Imagine what we can do in a city in central Europe.”

Poretti said the city will “roll out the red carpet” for businesses and Bitcoin enthusiasts, welcoming visitors and would-be relocators with a business-friendly environment that features minimized bureaucracy and ideal conditions for a business to thrive.

Plan ₿ also provides for the creation of two investment funds. The first will allocate up to $3.26 million to encourage the adoption of bitcoin, USDT and LVGA, the city’s stablecoin worth one-hundredth of a Swiss franc that will also be legal tender in Lugano. The second represents the formation of a pool of up to $108.6 million for Bitcoin and blockchain startups looking to relocate and establish their headquarters in the city, as well as bringing employees to the Swiss city.

Another aspect of Lugano’s Plan B involves a close relationship with academia. He plans to create a specialized Bitcoin and Lightning curriculum in partnership with local universities to increase young students’ skills in these new technologies. Bitcoin and blockchain educational efforts will also include the creation of 500 scholarships for students to create a skilled and skilled workforce.

At the end of October, the city of Lugano will host the Bitcoin World Forum, a global event focused on accelerating bitcoin adoption and defending freedom of expression, Ardoino and Poretti announced at the event.

Speakers also announced Lugano’s intention to start mining bitcoin while Plan₿ investigates strategies the city could leverage to harness renewable energy sources to produce BTC.

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