El Salvador’s adoption of Bitcoin as legal tender was a watershed moment. The law paved the way for the creation of a new currency and a new era of digital finance. El Salvador demonstrated how a country might use Bitcoin to do things differently. Lugano, Switzerland, is following suit.
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Bitcoin Is Once Again Legal
The city of Lugano has established ideas for how Bitcoin will be integrated into city operations. Making Bitcoin legal tender enables individuals to pay government taxes and services in Bitcoin and conduct daily transactions with merchants.
Currently, more than 200 enterprises and merchants are prepared to accept Bitcoin and lightning payments.
Making Bitcoin and Tether (USDT) legal cash in Europe would be a watershed moment for cryptocurrencies. One of the primary reasons for this initiative’s success is also the current state of Ukraine.
The war-torn country has received substantial support and assistance in the form of cryptocurrencies from around the world. Over $40 million has already been contributed to cryptocurrencies, demonstrating their potential.
Thus, European countries may find it simpler to accept them and Lugano for its choice, a comparison to El Salvador, which had to fight to make Bitcoin legal tender.
According to the release, Tether’s CTO, Paolo Ardoino, told Bitcoin Magazine, “This is, without a doubt, the most critical aspect of this (Plan) undertaking. El Salvador’s GDP climbed by 10%, and tourism increased by 30% following the legalization of bitcoin. Consider what we can accomplish in a city located in the heart of Europe.”
To assist cryptocurrency transactions, the city has also created its own CHF stablecoin, dubbed LVGA, having a value of 1/100th of a Swiss Franc.
Additionally, Lugano has set aside more than $100 million for blockchain firms looking to establish a presence in the city.
Lugano is reportedly on the approach of commencing the process of legalizing Bitcoin. Nonetheless, it is far from the first to do so. That is not even the first. Mexico was the second country to debate these measures following El Salvador, noting El Salvador’s success.
Senator Indira Kempis indicated that she would be introducing a crypto law soon to establish cryptocurrencies as legal tender and to promote cryptocurrency knowledge, education, and financial inclusion.
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Following Mexico and El Salvador, Switzerland Takes Steps to Adopt Bitcoin as Legal Tender was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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