El Salvador, Lugano Promotes Bitcoin Adoption

El Salvador and the Swiss city of Lugano have inked an agreement to increase Bitcoin use in their respective territories as well as adjacent nations and countries.

On Friday, El Salvador’s ambassador to the United States, Milena Mayorga, announced the establishment of a “Bitcoin office” in Lugano, staffed with a new Honorary Consul to promote Bitcoin in the city, Italy, and Europe.

El Salvador became the first country to accept bitcoin as a legal tender more than a year ago. In Switzerland, Lugano has no such power, but it initiated its Plan ₿ initiative approximately seven months ago, intending to boost Bitcoin acceptance in that 70,000-person city.

Paolo Ardoino, CTO of Tether, said:

“We want to congratulate both the city of Lugano and El Salvador for this exciting news. Today, the dream of financial democratisation took a big step towards reality with Lugano and El Salvador entering into an official partnership of economic inclusivity and financial freedom.

We commend the pioneers leading Lugano and El Salvador for launching this initiative, which promises to foster the exchange of best practices and ideas regarding the power of cryptocurrency, and we at Tether stand ready to help however we can.”

In March of this year, Tether and the city of Lugano unveiled the Plan ₿ initiative, with technology company Polygon joining as a crucial infrastructure partner for Tether. Lugano has made Bitcoin, USDT, and LGVA, the city’s stablecoin, legal money to establish the city as a center of excellence for blockchain adoption in Europe.

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