The city of Lugano, Switzerland held the first Lugano’s Plan B conference where they announced the city plans on making Bitcoin, Tether, and a LVGA stablecoin (pronounced “luga” and worth about 1/100 of a Swiss franc) legal tender. To further bolster this historical decision, Tether and other established crypto companies will be donating millions of dollars to fund blockchain based start-ups in the region as well as giving small businesses the infrastructure to accept these payments.

These donations will also be used to fund grants and scholarships at local universities and research institutes that will be focusing on the decentralized Bitcoin world. Other courses will also be made available for folks who aren't attending university. Residents of Lugano will be able to pay for things like tuition, courses, and taxes with Bitcoin, Tether, and LVGA, as well as any other everyday good or service.

Lugano has watched El Salvador's success after making Bitcoin legal tender from the perspective of tourism, GDP, and green energy usage, all of which have greatly increased. To follow suit, Tether's CTO, Paolo Ardoino is helping Lugano research how to use 100% green energy, while Tether will invest substantially into mining research. Lugano is already a green energy leader in Europe and plans to incorporate 100% green energy into the cities mining operations, all of which will be used to reinvest into the city improving general infrastructure and potentially helping  find new ways to manufacture more green energy.

Another large incentive to make Bitcoin, Tether, and LVGA the de facto legal currencies, is the low fees per transaction citizens will enjoy. In fact, there will be a 0% fee when using LVGA. Ardoino believes the combination of minimal transaction fees and the allure of Bitcoin will attract more entrepreneurs and companies into Lugano, helping it to develop at a rapid pace.

Share this article
The link has been copied!