Lugano, SUI, and Tether have teamed up to promote blockchain use in Europe. Citizens will be able to pay for services, such as taxes, in Bitcoin and Tether.
Tether Operations Limited (Tether) has forged a partnership with the Swiss city of Lugano. It was to establish a blockchain adoption center of excellence in Europe. Both made the announcement through a press release on March 3rd. Moreover, it emphasizes the city’s goal of developing its blockchain technologies with the ultimate goal of presenting Lugano as Europe’s blockchain capital.
Paolo Ardoino, Tether’s CTO, said that Lugano is a bustling city, full of innovators and forward-thinking thinkers. The city, Lugano foresees a future where businesses of all kinds and scales may use blockchain platforms. Tether believes that it will improve the standard of living of local inhabitants. Lugano may do so by delivering more efficient, transparent, and dependable financial and daily services. Lugano has the potential to become a global adoption model.
On the other hand, the Lugano Living Lab is already located in Lugano. It is an innovative approach to digital trials on a city scale. According to the press announcement, the pre-existing ecosystem allows Tether to transcend beyond most current blockchain implementations. Its operation together with Lugano would be the first complete urban practical use case.
Furthermore, Tether shared that the application will show through localized offerings with specific use cases in Lugano. The application can cut infrastructure costs and increase access to global markets.
Tether, the world’s most extensively used stablecoin. The action is a positive step forward in experimenting with how the users can use cryptos in everyday life. Particularly when it comes to stablecoins.
Lugano’s Scalability
Citizens and businesses will be able to pay their goods, services and taxes in cryptocurrency thanks to this effort. Only Bitcoin, Tether, and a few CHF-based stablecoins have received clearance at this time.
The network will turn the crypto into local FIAT through a variety of off-ramps. The city has pledged to use Tether’s expertise to strengthen the local economy’s ability to integrate into new technological infrastructure. This includes the Lightning Network.
The mayor of Lugano, Michele Foletti, quoted in the news release saying that Lugano is making an investment for its future. The city has already adopted blockchain-based solutions such as the MyLugano app and its LVGA Points payment token. It has also adopted the Lugano digital franc. Lugano has also adopted the 3Achain blockchain infrastructure in recent years.
Foletti expressed how the city is confident that this technology, its potential for scaling, and its integrated work with Tether will help to create a better, more accessible, honest, and smart city. The city of Lugano will become the world’s first bitcoin payment economy as a result of this latest effort.
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