In March 2022, the mayor of Lugano said that it would be possible to “spend ten days of vacation there with bitcoin, Tether or Luga”. To achieve this, municipal authorities have launched several initiatives intended to “encourage the crypto community to come live and spend bitcoin in Lugano”. 18 months later, we take stock of the progress made by this Swiss city which aims to become the European capital of cryptocurrency.
Lugano: the largest welcoming city for cryptocurrencies
To be at the forefront of crypto adoption in Switzerland and Europe, Lugano, the 9th largest city in Switzerland, is resorting to major means. In 2020, to ease the economic environment paralyzed by COVID-19, the city launched its own stablecoin Luga (LGVA), a crypto backed by the Swiss franc. Two years later, it signed with Tether, Polygon and several others, a strategic partnership called “Plan B” which changed the game.
The objective of this Plan B launched in March 2022 is to make Lugano the European showcase for crypto and blockchain adoption by 2026. For its implementation, the authorities have made bitcoin, USDT and LGVA legal means of payment in the city. Thus, the city’s residents pay in bitcoin for their purchases of goods and services and even their taxes and public services in bitcoins.
Since then, bitcoin stickers have been found everywhere: at the entrance to cafes and restaurants, on the windows of local businesses, art galleries, etc. Currently, almost 350 points of sale accept cryptos like bitcoin, USDT and the stablecoin Luga.
Lugano multiplies partnerships and events linked to cryptos
To achieve its objectives, the Swiss city of Lugano has also decided to integrate blockchain training into university training programs. To this end, it has established partnerships with several large regional universities.
Furthermore, from the fall, the creation of a co-working space for the benefit of the city’s crypto community is planned. Several events intended to accelerate the democratization of cryptocurrencies in the city are also planned.
Clearly, Lugano is already ahead of the cities of Neuchâtel and even Zug, which has distinguished itself in the crypto world, with its famous Crypto Valley. Knowing that Swiss regulations are favorable to crypto and privacy, it is possible that Lunago will become, within a few years, the European capital of bitcoin.
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