The adoption of bitcoin as a currency is growing around the world. After El Salvador, the Swiss city of Lugano recently recognized the cryptoasset as a legal tender.
According to a statement by Mayor Michele Foletti this past Thursday (3), bitcoin and tether (USDT) have been classified as a legal tender in the city that is located in southern Switzerland.
Michele Foletti spoke about digital currencies during the “Plan B” event. Cryptoassets trading in the city will take place through the Lightning Network, a second blockchain layer that supports transactions on the Bitcoin network.
In addition to supporting tether, which will also be used as a legal currency in Lugano, the city will create a stablecoin. In a partnership with the Tether Foundation, LVGA Points is being developed as a stablecoin with the price pegged to the Swiss franc.
According to the project, each unit of LVGA Points will be equivalent to one cent of the Swiss franc. In this way, Lugano will have its cryptoasset besides adopting bitcoin and USDT.
The Tether Foundation sent Lugano’s city hall a transaction of about 0.021 bitcoin to formalize the adoption. In a few months, it will be possible to use cryptoassets in the city for payments through purchases and services.
Like El Salvador, Lugano has recognized bitcoin as a legal currency. Considered the first country in the world to adopt bitcoin, in El Salvador, since September 7, 2021, the cryptoasset has been used as currency alongside the dollar.