The Swiss city of Lugano enters the history of Bitcoin, becoming one of the first companies to accept cryptocurrency as a ‘de facto’ legal tender since it will be possible to pay taxes and other public services in BTC. The plan was unveiled at the Plan B event on Thursday
On Thursday in the Swiss city of Lugano, Plan B was presented in front of over 1000 people, a crypto project that will revolutionize the use of Bitcoin in Ticino city. The plan was implemented in collaboration with the stable coin Tether and will lead Lugano to become the most important Bitcoin hub in all of Europe.
The event, chaired by the mayor of Lugano Michele Foletti and the CTO of Tether Paolo Ardoino, unveiled a very interesting and innovative project for the crypto world. In detail, a fund of 3 million Swiss francs has been allocated with the aim of helping companies to accept cryptocurrencies as a payment method. But not only.
“Today we are talking about the future, indeed we are already in the future, careful to welcome the opportunities offered by new technologies. It is not a leap in the dark, it is an evolution anchored to our history, our culture and the social context of the territory. Bitcoin , crypto and blockchain are frightening terms. Lugano is not intimidated, these technologies must be disclosed and made accessible to all. Lugano has confirmed its approach, has talked to the crypto world, has deepened the subject, today it recognizes this very large community . For us it is clear, the blockchain exists, Bitcoin exists and is here to stay. Lugano is ready to welcome those who embrace this cause by offering opportunities for the future. I am convinced that there will be benefits for all citizens and that is why we are here working hard “, declared the mayor of Lugano Michele Foletti.
Plan B: Bitcoin becomes legal tender in Lugano
The most important novelty arising from Plan B is the implementation of Bitcoin, Tether and LVGA as ‘de facto’ legal tender currencies in the city of Lugano. This means that residents will be able to pay taxes, fines, parking, and other public and private services in cryptocurrency. There are already 200 private businesses in the Lugano area that have claimed to accept Bitcoin as a payment method. Lugano moves in the footsteps of El Salvador – the first country to recognize BTC as legal tender – but with one big difference: Lugano is a small city but very developed compared to El Salvador, consequently, we will soon see the true potential of blockchain technology and of cryptocurrencies.
In Plan B, where the “B” stands for Bitcoin and Blockchain, a pool of funding was activated for a total of 100 million francs to support local start-ups working in the blockchain sector with the aim of developing it further and spreading it throughout the country. That’s not all, in fact, the plan also contains the activation of a Bitcoin mining farm that will extract BTC exclusively thanks to the use of renewable energy, and finally will make available 500 scholarships for university students (USI, SUPSI, Franklin) with the aim of introducing the potential of Bitcoin to students.
“The cryptocurrency industry is worth 2-3 trillion dollars, it has grown so much that it cannot be ignored. Bitcoin is at the forefront of this innovation, today we are starting to understand how it could be beneficial to local communities. With Plan B we pass from the abstract vision to the use of this new technology. Many people are not used to these technical aspects and do not understand what we are referring to. With plan B we want to demonstrate that the instrument, the currency that has been created, can be put to work in a lively environment like Lugano, “said Tether CTO Paolo Ardoino.