- El Salvador plans to build a “Bitcoin office” in Lugano.
- Tether has launched a project dubbed “Plan B” to turn Lugano into a crypto center.
A memorandum of understanding on economic cooperation between El Salvador and the city of Lugano, Switzerland, was signed with the goal of increasing Bitcoin use worldwide.
The cooperation between the Latin American nation of El Salvador and the Swiss city of Lugano will promote “initiatives to drive the adoption of Bitcoin and other cryptocurrencies across their respective regions” as well as “fostering the exchange of students and talents between El Salvador and Lugano,” according to a statement made by stablecoin issuer Tether on Friday.
Lugano Next El Salvador?
To further promote Bitcoin use across Europe, El Salvador plans to build a “Bitcoin office” in Lugano. Tether, the firm behind the largest stablecoin USDT, has launched a project dubbed “Plan B” to turn the Swiss city of Lugano into a cryptocurrency center where users can buy and sell Bitcoin and stablecoins.
Salvadoran Ambassador to the United States Milena Mayorga stated:
“My fellow Salvadorans and I are very excited by the promise of Bitcoin, and I look forward to seeing how this initiative will help increase access to economic security and economic freedom for all, one of the main goals of President Nayib Bukele’s government.”
Last year, El Salvador was the first government in the world to recognize Bitcoin as legal money. In order to receive payment, firms must comply with the legislation and implement the necessary technical infrastructure.
Bitcoin aficionados have come to the Central American country for conferences and to promote adoption, and its leader, Nayib Bukele, has purchased millions of dollars worth of the cryptocurrency.
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