After El Salvador made Bitcoin legal tender last year, new top players were bound to emerge. The Bitcoin capital of Europe may be on its way.  Covered: Lugano To Become Europe’s Bitcoin Capital The Adoption Of Crypto By Lugano Lugano To Become Europe’s Bitcoin Capital Tether, arguably one of the most widely adopted stablecoins, just […] The post The Bitcoin Capital Of Europe Is Here appeared first on CryptosRus.

The Bitcoin Capital Of Europe Is Here

After El Salvador made Bitcoin legal tender last year, new top players were bound to emerge. The Bitcoin capital of Europe may be on its way. 

Covered:

  • Lugano To Become Europe’s Bitcoin Capital
  • The Adoption Of Crypto By Lugano

Lugano To Become Europe’s Bitcoin Capital

Tether, arguably one of the most widely adopted stablecoins, just announced that they are partnering with the ninth-largest city in Switzerland (Lugano) to make it the European Bitcoin capital. The City of Lugano and Tether believe they will revolutionize the financial sector in Europe and plan to hold a press conference in the beginning of March to announce their plans.

According to the announcement, Tether is going to try and rework Lugano’s financial system by bringing blockchain in. It is unclear how the stablecoin firm is going to accomplish that, but they are terming their master plan as “Plan B” (let’s hope that doesn’t jinx them).

Switzerland as a country has been becoming a crypto haven somewhat under the radar over the past few years. By the end of 2021, the country’s number of blockchain companies increased by about 18% compared to the year before, which is an incredible amount of growth for the country’s size. Additionally, the largest bank in Switzerland (Swissquote) offers 26 different crypto assets and is even planning on launching their own crypto exchange. With most major cities in the country adopting blockchain technology in one way or another, it’s safe to say that Switzerland is creating the Silicon Valley of crypto.

The Adoption Of Crypto By Lugano

Last November, the city of Lugano declared that they would become a crypto-friendly city, and they announced that they would launch their own blockchain. The blockchain was based on a Proof-of-Authority algorithm linked to Ethereum and was performing on open-source expertise. Lugano’s movement towards crypto adoption aligns with Tether’s goals, thus leading to this collaboration. The mayor of Lugano has also been quite vocal about integrating blockchain into the financial sector:

“We have always followed the development of new technologies very closely, and we have identified blockchain as a topic of great interest for both multinational and local companies, citizens and businesses. We believe that a city must be at the service of its citizens. With these initiatives, we intend to place Lugano as a top-level player on the international scene, for all applications related to this technology.”

Although Lugano has a relatively small population (around 70,000) compared to larger cities in Switzerland (e.g., Zürich has approximately 500,000), this move may surely push other cities in Switzerland and the rest of Europe to do the same. As we know, as soon as El Salvador made the move to adopt Bitcoin as legal tender, other nations began to reconsider how they treat crypto and Bitcoin overall. For example,  Argentina recently adopted the Bitcoin Lightning network, and Russia now recognizes crypto as currency and not digital assets. 

Although we don’t know the details on how Tether will integrate blockchain technology in Lugano, we know that it’s official, and the livestream has already been set up and is ready for the world to watch on March 3rd.

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