- Tether announced that it has signed an agreement with the city of Lugano with the aim of transforming the city into the European capital of Bitcoin.
- The Tether-Lugano partnership will be called Plan B.
Bitcoin has no owner or place, however, the Swiss city of Lugano seeks to become the European capital of the most important cryptocurrency in the world. Lugano is the most populous city in Italian Switzerland and covers an area of 32 square kilometers. Its main income is tourism, although the financial and banking sector also collaborates with a large part of the budget.
Recently the firm Tether announced that it has signed an agreement with the city of Lugano with the aim of transforming the city into the European capital of Bitcoin.
Plan B
The Tether-Lugano partnership will be called Plan B. In addition to this data, Tether did not give too many details about this alliance and more will probably be known about this project on March 3, as communicated through social networks. Bitcoin is believed to play a central role in this link.
Who will be the ones to announce the news next week? Most likely there will be parts of Lugano and Tether, such as the mayor of the city, Michele Foletti, as well as the CTO (Chief Technology Officer; Paolo Ardoino is probably the one representing the crypto company).
Lugano seeks to be a crypto center
What Lugano has been chosen is nothing new as it has already demonstrated its intentions to be the basis of the economy of the future. This could mean a step forward in said wishes. In November, she announced that she was looking to become “a cryptocurrency-friendly hub,” she said. cryptoslate.
Many cities want to be crypto capitals but Lugano is already working on it. It has its own digital innovation lab, Lugano Living Lab, which organizes events and workshops dedicated to educating its citizens.
As well It has a blockchain, called 3Achain, runs under proof of authority (PoA) consensus and is based on the Quorum solution. In the PoA, the validators put their real identity and reputation as a guarantee of transparency. Commercial and industrial applications are anchored on Ethereum.
“We have always closely followed the development of new technologies and have identified blockchain as a topic of great interest to companies, citizens and both multinational and local companies. We believe that a city must be at the service of its citizens and with these initiatives we intend to position Lugano as a top-level player on the international scene, for all applications related to this technology.”, Foletti developed at the time.
At the end of last year, the city of just under 70,000 people launched the app MyLugano and the payment token LVGA Pointswhich is a reward system.
“MyLugano is an innovative initiative promoted by the Lugano City Council to enjoy the city and support the local economy. You can book access to public spaces and tickets for events in the city, but also discover all the latest news on the MyLugano card circuit. By downloading the application, you can access discounts and, by buying locally from circuit partners, accumulate loyalty points (LVGA Points) to spend how and where you want”describes the official site.
Switzerland has a great international reputation in the “old” economy and that is why Lugano is taking the lead to continue this dominance in the coming decades. The arrival of a heavyweight like Tether could be of great help in their intention.
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