In this European city you can live with only bitcoin

Lugano, a small town in Switzerland, followed El Salvador in March 2022 by converting three cryptocurrencies into legal tender. El Salvador was the first country to make bitcoin (BTC) legal tender. During the Bitcoin 2021 conference, El Salvador President Nayib Bukele announced plans to recognize BTC as legal tender. A few months later, the Bitcoin law officially went into effect in the Central American country.

Bitcoin, USDT and LVGA tokens

The three cryptocurrencies recognized as legal tender by Lugano are bitcoin, Tether (USDT) and its own LVGA token. With this, the city took a similar step to El Salvador and wants it to become the bitcoin capital of Europe. This initiative is also referred to as ‘Lugano Plan B’. Tether supports the Swiss city in this and has also set up two funds. A fund of three million Swiss francs (CHF) for the city and one of one hundred million CHF for start-ups.

A physical location in the heart of the city has also opened, which serves as the hub for all crypto and blockchain startups.

BTC adoption

July 2022 also saw a ‘Plan B summer school’ in Lugano, in which students learn the business challenges related to regulatory and technological implications facing the Bitcoin ecosystem. Students also learn about the Bitcoin protocol, Lightning Network as one layer-2 scaling solution, consensus mechanisms and the fundamentals of the crypto industry.

A few months ago you could read in the Bitcoin news that it was made possible in Lugano to pay with BTC, USDT and the LVGA token at McDonald’s. The city now announced that “hundreds” of retailers are currently accepting BTC. This should make it possible for citizens and/or visitors to live in the city with only BTC or USDT. A map has also been created that clearly shows where you can pay with BTC and USDT