El Salvador, the first country to accept Bitcoin (BTC) as legal tender, has partnered with the city of Lugano, Switzerland, to democratize cryptocurrency among populations. Tether, the USDT issuing company, will support the collaboration, as part of its ₿ plan that has already been in place in the Swiss city since the beginning of the year.
El Salvador and Lugano come together to develop Bitcoin (BTC).
El Salvadorthe first country in the world to accept Bitcoin (BTC) as legal tender, in partnership to the Swiss city of Lugano in order to further democratize the king of cryptocurrencies among the population.
The collaboration was revealed on Friday, October 28 during the first day of the Plan ₿ forum organized by Tether in Lugano. In fact, the issuer of the world’s largest stablecoin by market cap, USDT, has been working with the Swiss city since March to drive Bitcoin adoption there.
This is especially meant by the establish a local payment network through the Lightning Network with merchantsthe creation of a hub in the heart of the city to promote the development of startups linked to Bitcoin, or the creation of various investment funds dedicated to this purpose.
In addition to strengthening cooperation between El Salvador and the city of Lugano, the partnership should also promote school exchanges between the 2 geographical areasas well as initiatives aimed at fostering education about Bitcoin.
According to Michele Foletti, mayor of Luganothe democratization of Bitcoin rhymes with financial freedom:
“Lugano is a land of innovation and opportunity, and today’s historic announcement of our partnership with the great country of El Salvador is great news for supporters of financial freedom and the power of cryptocurrency »
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The beginning of wider adoption?
More than a year after the adoption of Bitcoin in El Salvador, it seems that the country is still confident in using cryptocurrency as a leading alternative to the traditional financial system.
As the European population is still generally foreign to this concept, the rapprochement between El Salvador and a country located in Europe could open up a new field of interests, as shown by Joaquin Alexander Maza MartelliAmbassador of El Salvador in Geneva:
“The use of Bitcoin and blockchain technologies creates new opportunities for growth and investment that benefit our communities, it is another financial and exchange tool that promotes commerce and the provision of services in a globalized world. . Thanks to this agreement, El Salvador is now much closer to Europe. »
Payment in cryptocurrencies has already made good progress in the Swiss city, its residents can already pay in LVGAofficial sign of the city of Lugano, thanks to a dedicated wallet, all based on blockchain technology. Backed by Tether, this collaboration should have a bright future ahead for the democratization of Bitcoin.
👉 To go further – Hong Kong wants to legalize cryptocurrency trading next March
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