The authorities of Lugano created a USD 3 million fund to support businesses wanting to integrate Bitcoin payments. There are 500 scholarships available for studies on Bitcoin and the Lightning network in local universities.
El Salvador is still the only country that has adopted Bitcoin (BTC) as legal tender. However, there is a plan for making the pioneering cryptocurrency more widely accepted among the locals of Lugano, a city in southeastern Switzerland.
Michele Foletti, the mayor of Lugano, recently announced an innovative project based on Bitcoin and Tether, which he calls Plan B. He seeks to turn the city into a hub to conceive new blockchain-based projects.
Plan B aims to make Lugano a hub to adopt Bitcoin in Europe and a global model of financial freedom, said J.L. Van der Velde. The Bitfinex CEO, who is also on board the project, added they would lay the groundwork to embark on that task in the coming months.
The local authorities have created a fund of over USD 3 million to encourage adopting Bitcoin and Tether in all businesses.
Paolo Ardoino, the CTO of Tether, said that a team of people would assist stores interested in integrating a cryptocurrency payment system. He explained that they would have funds available to enable everything their business requires.
Creating a Bitcoin Hub in the Center of Europe
The municipality of Lugano has also created a fund of USD 100 million. It aims to support startups wanting to establish themselves in the city and relocate their staff.
Pietro Poretti, the director of economic development of Lugano, said that they would make Lugano an excellent place for businesses to thrive. He stated that they would minimize bureaucratic obstacles to allow companies and individuals to concentrate on their jobs.
In that regard, Poretti commented that Plan B integrates various guidelines approved by the municipal executive of the city. However, the official did not provide any details about those regulations.
Lugano also wants to improve academic relations through a specially-designed curriculum on Bitcoin and the Lightning network in local universities. To boost those studies, they have made 500 scholarships available to those citizens interested.
El Salvador Leads the Way in Adopting Bitcoin
Besides the Swiss city of Lugano, there is a similar Bitcoin-based project in Latin America. Nayib Bukele, president of El Salvador, introduced Bitcoin City to the population in November.
They will use geothermal energy to power Bitcoin City, which will also be nearly tax-free. There might be a square with a huge carved B in the center of that city to remind of the pioneering cryptocurrency.
There will also be the Bitcoin Museum, an institution for people to learn about the evolution of money from stones to cryptocurrencies. The president of the Central American country was in charge of giving all the details about that project based on the pioneering cryptocurrency.
Bitcoin plays a relevant role in the economy, which countries like Switzerland and El Salvador have not overlooked. Both countries have created projects to promote the wide adoption of the cryptocurrency among citizens.
BTC is trading at around USD 39,227 and has accumulated a 0.2% gain in the last seven days. Its daily trading volume is above USD 15.61 billion, and its market capitalization is about USD 735.13 billion, according to CoinGecko.
By Alexander Salazar
