El Salvador And Lugano Sign Economic Agreement To Cooperate On Bitcoin Awareness

El Salvador and the city of Lugano have signed an agreement to economically cooperate on Bitcoin and cryptocurrency awareness. The state and city are the first jurisdictions in the world to adopt cryptocurrencies as legal tender.

El Salvador And Lugano Sign Economic Agreement To Cooperate On Bitcoin Awareness

El Salvador and Switzerland’s city of Lugano have signed a Memorandum of Understanding (MOU) on economic cooperation to spread awareness on Bitcoin and cryptocurrencies across Europe. News regarding the agreement was announced by Milena Mayorga, El Salvador’s Ambassador to Switzerland, on the first day of Tether’s inaugural ‘Plan B’ forum held in the Swiss city.

 

The partnership is aimed at supporting initiatives like support for adoption of Bitcoin and other cryptocurrencies in their respective jurisdictions, enhancing cooperation in education and research between El Salvador and Lugano, and fostering exchange of students between the country and the city.

 

 

“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. This joint endeavor will benefit the citizens of both Lugano and El Salvador as we continue to work towards a more inclusive global economy,” said Michele Foletti, the Mayor of Lugano.

 

El Salvador, who became the first country in the world to adopt Bitcoin as a legal tender, will open a “Bitcoin Office” in Lugano to spread awareness on cryptocurrency adoption across Europe. President Nayib Bukele has purchased millions of dollars’ worth of Bitcoin for El Salvador’s treasury, even ordering businesses to accept the cryptocurrency as payment if they have the means to do so. Since making Bitcoin a legal tender, tourism has increased by 30% in the Central American nation.

 

“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. My fellow El Salvadorians 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,” said Milena Mayorga, Ambassador of El Salvador to Switzerland.

 

Lugano partnered with Tether – issuer of the dollar pegged USDT stablecoin, and blockchain service provider Polygon to launch the ‘Plan B’ initiative in March. The city with goals of turning itself into a center of excellence for blockchain adoption in Europe, has already adopted Bitcoin, USDT and LGVA, the city’s stablecoin, as legal tender.

 

 

“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. 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,” said Paolo Ardoino, CTO of Tether.

 

Bitcoin (BTC), the world’s largest cryptocurrency by market value, is trading at $20,752 at the time of writing, rising 2.4% in the last 24-hours.

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