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The city of Lugano will accept Bitcoin, Tether and LVGA tokens as 'de facto' legal tender

2022/03/03 23:33

Switzerland’s southern city of Lugano plans for many local businesses to accept some cryptocurrencies as "de facto" legal tender as part of a partnership with Tether. Speaking at the city’s Plan B event on Thursday, Tether chief technical officer Paolo Ardoino said the firm had set up a 3 million-Swiss franc fund in collaboration with Lugano officials to encourage adoption of Bitcoin (BTC), Tether (USDT) and the LVGA token for shops and businesses across the city. Ardoino said the project was aimed at attracting talent from the space to Lugano and making the city a major blockchain hub in Europe. As part of the partnership, Tether said it would create a fund of up to 100 million Swiss francs to help finance blockchain-based startups in the region and create crypto unicorns — projects that reach a $1 billion valuation. Polygon will also act as an infrastructure partner for stablecoin settlements in Lugano.
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