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- The Country in Central America signed a MoU with a City in Switzerland that aimed to spread Bitcoin adoption in its respective region.
- The following partnership will also promote the growth of students and skilled individuals of the region.
El Salvador and Lugano Collab for Bitcoin Adoption
Tether, a blockchain-enabled platform stated in its latest post on October 28, 2022 as the Salvadoran Ambassador, Milena Mayorga, announced El Salvador and the city of Lugano have signed a Memorandum of Understanding (MoU) on Economic Cooperation.
This announcement was made at the first day of Tether’s inaugural Plan ₿ forum in Lugano, Switzerland.
The following partnership is a step towards the cooperation in education and research that will support initiatives to drive the Bitcon adoption and the rest of cryptocurrencies throughout its respective regions.
Paolo Ardoino, CTO of Tether, expressed as “Today, the dream of financial democratization took a big step towards reality with Lugano and El Salvador entering into an official partnership of economic inclusivity and financial freedom.”
Mr. Ardoino further added “We commend the pioneers leading Lugano and El Salvador for launching this initiative, which promises to foster the exchange of best practices and ideas regarding the power of cryptocurrency, and we at Tether stand ready to help however we can.”
He recently shared that the bar and restaurant of Lugano’s Casino are now accepting Bitcoin and Tether.
Michele Foletti, Mayor of Lugano added in his words as “Lugano is a land of innovation and opportunity, and today’s historic announcement regarding our partnership with the great country of El Salvador is great news for believers of financial freedom and the power of cryptocurrency. And this joint endeavor will benefit the citizens of both Lugano and El Salvador.”
Milena Mayorga, Salvadoran Ambassador also stated about the news “I am so pleased to have been able to announce this history-making partnership between the innovative city of Lugano and my beloved home country of El Salvador. We share a love for innovation and bold ideas, and this initiative will be a game-changer in the exchange of ideas and best practices in economic freedom.”
She further noted “My fellow Salvadorans and I are very excited by the promise of Bitcoin, and I look forward to seeing how this initiative will help increase access to economic security and economic freedom for all, one of the main goals of President Nayib Bukele’s government.”
It can be seen that after adopting Bitcoin as a legal tender, the tourism of El Salvador noted an increase of 30%.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
