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Tether and the City of Lugano will collaborate to achieve a common aim of growing the city’s blockchain capabilities and promoting Lugano as a major European blockchain adoption centre.

Lugano’s ambitious Plan ฿ will allow the city’s 62,000 residents to pay for public services and taxes using Bitcoin, Tether, and LVGA. It has already partnered with over 200 merchants to encourage the adoption of Bitcoin and Lightning payments. The vision also includes plans to establish a new home for blockchain startups as well as to conduct Bitcoin meetups and workshops.

The collaboration’s eventual goal is to demonstrate the real-world utility of blockchain within the community by laying out the red carpet for Bitcoin entrepreneurs and enthusiasts in a business-friendly environment. Unlike El Salvador, which made Bitcoin its second official currency last year, the Swiss franc will remain the only legal money in the city.

The collaboration’s eventual goal is to demonstrate the real-world utility of blockchain within the community by providing a red carpet for Bitcoin entrepreneurs and enthusiasts to a business-friendly environment. In contrast to El Salvador, which made Bitcoin its second official currency last year, the Swiss franc will remain the only legal money in the city.

Lugano and Tether (and Bitcoin)

The purpose of this collaboration is to show how blockchain technology can be used in the real world by applying it to local communities in Lugano. Most blockchain projects have so far concentrated on basic work that pays little attention to local communities or provide practical applications.

Several creative initiatives, such as the Lugano Living Lab, are based in the city and implement projects in the innovation and digital domains through urban experimentation and prototyping. Tether can now go beyond most current blockchain implementations and collaborate with Lugano on the first full-scale urban practical use case thanks to Lugano’s ecosystem. Localized services with specialised use cases will be shown in Lugano, with the goal of lowering infrastructure costs and increasing access to global markets.

Scalability in the Future

The city hopes to increase its efforts in the near future to enable individuals and businesses to pay all of their annual taxes, as well as all goods and services, in bitcoin. Only Bitcoin, Tether, and a few CHF-based stablecoins have received formal clearance to be accepted for such payments, with funds being converted into local FIAT currency via various service providers. Lugano is now one of the first cities in the world to deploy a complete cryptocurrency payment system.

The Lightning Network will be one of the options that the city will integrate into its services with the help of Tether. Lightning Network has grown to become a well-known, highly scalable, and reliable payment system, addressing the blockchain’s scaling issues without sacrificing security, trustworthiness, or privacy.

Future Happenings

The city has announced a Bitcoin World Forum in October 2022, which will stimulate deep discussion on communication and financial independence. This conference will cover subjects such as financial disintermediation, financial service accessibility, unbanked people, and regulation. Tether will support the conference by bringing together some of the industry’s most influential thought leaders and creators in the field of digital finance for collaboration and networking.

Lugano is a city in the Italian province of Lugano

Lugano is the economic centre of Southern Switzerland, situated halfway between Milan and Zurich. Lugano is a wonderful area to live and work in because of its exceptional natural setting and environment.

The city is a popular tourist destination with an important financial centre and thriving pharmaceutical, commodity trading, and fashion sectors.

Since 1996, Lugano has been a university town with world-class research institutes and facilities, such as the Dalle Molle Institute for Artificial Intelligence (IDSIA) and the Swiss National Supercomputing Center (CSCS).

Lugano, one of the safest cities in the country, combines a Mediterranean flair with business-friendly legislation, excellent infrastructure, and political stability typical of Switzerland.