Lugano, SUI, and Tether have partnered up to boost blockchain adoption in Europe and will allow citizens to pay for services, including their taxes, in Bitcoin and Tether.
Tether Partners with Swiss City
Tether Operations Limited (Tether) has formed a collaboration with the Swiss city of Lugano to build the center of excellence for blockchain adoption in Europe.
The announcement came via a press release on March 3rd and highlights the goal of scaling the city’s blockchain capabilities with the end goal of positioning Lugano as the hub for blockchain throughout Europe.
“Lugano is a vibrant city, filled with innovators and future-forward thinkers,” Paolo Ardoino, CTO at Tether said in the press release. “As the world’s largest stablecoin, we envision a future where businesses of all sizes and scale are able to leverage blockchain platforms to improve the quality of life of local citizens providing more sustainable, transparent, and reliable financial and day-to-day services. We look forward to Lugano becoming a model for global adoption.”
Lugano already houses the Lugano Living Lab, an innovative approach to digital experimentation on an urban scale. The pre-existing ecosystem, therefore, “allows Tether to stretch beyond most current blockchain implementations and work hand-in-hand with Lugano for the first full-scale urban practical use case,” as per the release.
“The application in Lugano will be exhibited through localized services with tailored use cases that can reduce infrastructure costs and expand accessibility to global markets.”
Tether is the most used stablecoin of all cryptocurrencies. The move signals a healthy step of experimentation with how cryptos—and stablecoins in particular—can be implemented into daily use.
Scalability in Lugano
With this initiative, the collaboration will enable citizens and businesses to pay their taxes, goods, and services in crypto. At this time, approvals have been obtained for only Bitcoin, Tether, and select CHF-based stablecoins.
From there, the crypto will be converted into local FIAT via various off-ramps. The city has committed to leveraging Tether’s expertise and build out the local economy’s ability to integrate into the new technological infrastructure, one of which will be the Lightning Network.
“Lugano is investing in its future,” Mayor of Lugano Michele Foletti was quoted in the press release. “In recent years, the city has already implemented blockchain-based solutions including the MyLugano app and its LVGA Points payment token, the Lugano digital franc and the 3Achain blockchain infrastructure. We strongly believe in this technology, the potential to scale the technology, – and our integrated collaboration with Tether – will build a better and more open, transparent, and smart city.”
The latest initiative will officially mark the city of Lugano as the world’s first cryptocurrency payment economy.
Lugano: 2022 and Beyond
A consortium of corporations in the crypto space, led by Tether, will establish a multi-million dollar fund to finance blockchain startups in Lugano. Tether has also agreed to lend its subject matter expertise to local universities and research institutions to expand the knowledge among future generations and is also set to include a series of scholarships.
This is not Lugano’s first foray into blockchain technology. It has already developed a city blockchain that counts about thirty strategic partners from across Switzerland’s public and private sector. On the docket are several upcoming blockchain-related events that will be open to the public in the Fall of 2022.
In October 2022, the city will host the “Bitcoin World Forum” to promote conversation around freedom of communication and finance. Topics will include disintermediation of finance, access to finance, the unbanked, and of course, regulation. Tether has agreed to support the initiative by sourcing industry-leading experts and leaders for the conference.
What is Tether
Created in October 2014, Tether was the first stablecoin in existence, and remained the sole stablecoin in the market until March 2018. Tether positions itself as disrupting the legacy financial system by offering a more modern approach to money. By adding fiat currency-digital cash to the bitcoin and Ethereum blockchains, Tether makes a significant contribution to a more connected ecosystem by introducing digital currency benefits, such as instant global transactions, to traditional currency and incorporating traditional currency benefits like price stability to digital currency. With a commitment to full transparency and compliance, Tether positions itself as the most secure, fastest, and cheapest way to transact with money.
Source : bsc.news
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