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Economy

Lugano, Switzerland City to legalize Bitcoin

Lugano, Switzerland follows in the footsteps of El Salvador in terms of Bitcoin acceptance.

05/04/2022

The town has chosen to make Bitcoin the official money for its Italian-speaking people.

Crypto people are nomadic and also prefer to move to places where their technology is supported and their beliefs are taken into account, according to Tether CTO Paolo Ardonio.

Bitcoin has risen by leaps and bounds in the last decade. El Salvador received a lot of attention last year for recognizing Bitcoin as legal tender. Lugano, Switzerland, appears to be following the nation in this direction.

Lugano all in on Bitcoin

The city has chosen to make Bitcoin the official currency for its Italian-speaking people. Although the town’s decision did not garner widespread attention, it is nonetheless noteworthy. However, it also marks a significant step forward in the use of Bitcoin.

The mayor of the town made the announcement. Lugano is constantly working hard towards becoming the crypto capital of Europe, according to a report.

Bitcoin can do great things

Tether’s Chief Technology Officer, Paolo Ardonio, expresses his opinion on the Lugano decision, stating that crypto enthusiasts are tribal and also nomadic. They choose to relocate to areas where they may feel at ease and where their technology is supported. So that their beliefs get acknowledgement.

He also indicated that they enjoy what we’re doing and also want to find a place to settle all together, and that it’s evident that there is no center in Europe, hence, that is really the missing piece.

The CTO believes that Bitcoin has enormous potential. He sees it as a social tool more than a financial tool. When it comes to the crypto valley, he claims that it is no longer on the map. And Lugano has the potential to overtake Europe’s top digital currency.

In addition, he stated that within a month of the announcement, the city began to interact with various enterprises and companies that were eager to relocate their operations to the region.