El Salvador and Lugano Partner Up to Spread Bitcoin Adoption

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Everyone already knows that El Salvador is the world’s first country to officially adopt Bitcoin as legal tender. Many have tried to follow in its footsteps, and some, like the South African Republic did. However, it’s a tough, challenging step for many countries from a legal and other points of view. But, the tune is changing day by day and Bitcoin adoption is spreading around the world. It might likely start spreading like wildfire soon thanks to the new partnership between El Salvador and the Swiss city of Lugano.

While Switzerland still hasn’t officially recognized Bitcoin as legal tender, Lugano did. The city’s mayor is notably pro-Bitcoin, allowing BTC ATMs and starting numerous cryptocurrency projects in Lugano. The city was recently a host of the Plan B Forum, where Tether’s Paolo Ardoino joined mayor Michele Foletti on stage to announce that Bitcoin adoption is doing well. The partnership between Lugano and El Salvador should push it further and enable both the city and country to get an economic boost.

Foster Cooperation with Research and Educational Purposes

The partnership agreement will allow El Salvador to create a physical government presence that will guide Lugano’s experts to better Bitcoin adoption. That’s in layman’s terms – legally, the country and city have signed a foster ‘cooperation with research and educational purposes’. The Plan B Forum was attended by El Salvador’s US Ambassador Milena Mayorga, who announced that her country plans to build a ‘Bitcoin office’ in the city of Lugano.

The idea was supported by Serbian Prince Filip Karađorđević, Lugano’s Director of Economic Promotion Pietro Poretti, and Mexican politician Indira Kempis among others. With the new initiative, Lugano’s residents will be able to use Bitcoin, LVGA tokens, and Tether as a ‘de facto’ legal tender in numerous institutions and businesses. It’s a revolutionary move for the small Swiss city. Taxes, parking fares, services, fines, and even school tuition will soon be available to those who prefer to pay with crypto.

El Salvador Not Backing Down

This new plan and partnership show that El Salvador isn’t planning to back down. Even in the face of a global crypto price decline and possibly a financial crisis looking, president Nayib Bukele is continuing down the Bitcoin road. Many of the country’s residents are not happy about it, but the president and his US ambassador Mayorga are adamant that the gamble will pay off.

He’s been a man on a mission promoting Bitcoin as legal tender and offering help to other countries that are interested. Of course, the International Monetary Fund isn’t happy about it. The IMF repeatedly urged El Salvador to drop the idea, citing market integrity and financial instability concerns. For a while, El Salvador was doing great, but with crypto prices down, it is probably bleeding a bit of money. Regardless of that fact, the president isn’t giving in, continuing to buy the dip for millions of dollars every time the price drops.

But, things are looking up with the new Lugano partnership, which may be more than enough to change the minds of others.

November 2, 2022: • No Comments

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