Tether to turn Swiss Lugano into Europe’s Bitcoin capital

Tether and the authorities of Lugano, the ninth most populous city in Switzerland, announced plans to transform the city into Europe’s Bitcoin capital.

#bitcoin and stablecoins are revolutionizing the financial sector. #tether and The City of Lugano🇨🇭 @luganomycity are teaming up to transform Lugano into the European #bitcoin capital.

Every city needs a plan. Join Lugano’s Plan ₿ pic.twitter.com/wmhFVePcPo

— Tether (@Tether_to) February 21, 2022

On March 3, Lugano mayor Michele Foletti and Tether CTO Paolo Ardoino will reveal details in a live broadcast.

The initiative is promoted as “Plan ₿” for Lugano. It is intended to revolutionize the city’s financial sector, known for its friendly stance toward blockchain technology.

Following the late-2020 launch of the MyLugano app and the LVGA Points citizen payment token, development of a corporation-focused blockchain 3Achain followed. In November 2021, the Lugano Living Lab digital innovations hub held an NFT-focused exhibition.

A day after the announcement of the event, Foletti, in a Twitter response to criticism of Bitcoin, explained that the municipality is promoting 3Achain as “a more sustainable, public and open-to-all blockchain with limited costs”.

Ma noi puntiamo sulla nostra 3Achain, più sostenibile, pubblica e aperta a tutti con costi limitati https://t.co/r6HS5Fs42a Blockchain per noi è un’opportunità per tutti coloro che guardano al futuro con curiosità https://t.co/EQHtidHgcW

— Michele Foletti (@MicheleLugano) February 21, 2022

That could be perplexing, given the Bitcoin reference in the forthcoming event.

“There is a tendency to link blockchain technology with digital currencies, such as Bitcoin, and more broadly with the world of finance. In fact it is used for a wide range of tasks, such as tracking the production process, certifying ownership, authenticity of a particular document, product or acquired right. Up to secure online voting and management of digital identity,” says on the 3Achain project site.

The blockchain promoted by Lugano authorities uses the Proof-of-Authority consensus algorithm.

3Achain is based on Quorum. In 2017 the Ethereum-based platform was developed by JPMorgan, and in 2020 it was acquired by ConsenSys.

Back in November 2021, Salvadoran President Nayib Bukele announced the construction of Bitcoin City (Bitcoin City). It is expected to become a full-fledged metropolis with residential and business districts and the necessary infrastructure. The city is designated as a special economic zone where income, property, capital gains and payroll taxes are not levied.

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