Paolo Ardoino, CTO of Bitfinex and Tether, just tweeted that Lugano, one of Switzerland’s main financial centers. So, has now made Bitcoin and Tether legal tender. Individuals will be able to use these enormous cryptocurrencies to pay for goods and services in the city as a result of this.
Ardoino stated that further information will be released in the coming weeks. This could aid businesses in reallocating cash within the city and looking for new investment opportunities throughout the country. It is also intended to include a new information site with clear data and continuous updates for market participants and the general public.
Ardoino highlighted that the work done by politicians in El Salvador has helped enhance cryptocurrency adoption during the presentation of Bitcoin and Tether. It’s worth noting that El Salvador was the first country in the world to recognize Bitcoin as legal cash alongside the US dollar (USD). The Swiss franc is still the legal tender currency in Switzerland.
The goal is to establish a new fund of 100 million Swiss francs in the future to assist enterprises in locating in the region. Several programs are aimed at assisting entrepreneurs in reaching a $1 billion valuation (so they can become crypto unicorns). Lugano will also host the Bitcoin World Forum conference in October 2022, attracting a huge number of tourists and visitors from around Europe.
Tether is the most widely used stablecoin. It is presently the world’s third-largest virtual currency, after Bitcoin and Ethereum. Of course, thanks to its status as one of the most widely utilized dollar-backed stablecoins. Tether has a market valuation of about $80 billion, according to CoinGecko data.
Bitcoin, on the other hand, is the most valuable cryptocurrency on the market. That’s, with a price per coin of $39,000 and a market value of $742 billion at the time of writing. This demonstrates the size of the crypto economy and how quickly it is growing around the world.
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