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- Lugano, Switzerland becomes a town on El Salvador’s steps in terms of Bitcoin adoption.
- The town has decided to make Bitcoin official money for its Italian-speaking residents.
- Crypto folks are nomadic and like to move in the places where their technology is supported and their beliefs are considered, highlights Tether CTO Paolo Ardoino.
Bitcoin as a currency has grown by leaps and bounds in over a decade. Last year, El Salvador was in considerable limelight for accepting BItcoin as a legal tender. A town that seems to follow the nation in such a move is Lugano in Switzerland.
Lugano All In On Bitcoin
The town has decided to make Bitcoin official money for its Italian-speaking residents. Although the town couldn’t manage to get massive attention, not only its decision is significant. But it also adds a milestone to the journey of Bitcoin adoption.
The announcement was made by the town’s mayor. Lugano is constantly working hard towards becoming the crypto capital of Europe.
The Chief Technology Officer at Tether, Paolo Ardoino highlights his views on this decision of Lugano, that Crypto folks are tribal and nomadic. They like to move to the places where they feel at home, and where their technology is supported; so that their beliefs get acknowledgment.
He further signified that they like what we’re doing, so they want to discover a place to settle all together, and that it’s clear that there is no hub in Europe, hence, that is really the missing piece.
The CTO believes that BItcoin can do great things. Rather than a financial tool, he sees it more as a social tool. Talking about the crypto valley, he cites that it is not on the map like it used to be. And Lugano could potentially overtake Europe’s number one digital currency spot.
Additionally, he noted that in just a month of the announcement, the town started to communicate with several businesses and companies who are looking to shift their operations to the region now.
This seems to be a significant step, as Bitcoin’s adoption has expanded to Lugano. Where there are some entities who are vehement critics of the asset class, places like El Salvador, Lugano, etc prove that there are also some who are firm supporters of the cryptocurrencies. It would be interesting to see who else joins the listicle now.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
