Tether reveals plans to make Lugano the Bitcoin capital of Europe

USDT stablecoin issuer Tether is planning to transform Lugano, the ninth-largest city of Switzerland, into the crypto capital of Europe. Announcing the news via a tweet issued Monday, Tether said it has partnered with The City of Lugano to revolutionize the financial sector of the city with the help of stablecoins and Bitcoin. While not much was revealed in the post, Tether attached an invitation card to a press conference, titled ‘Lugano’s Plan B,’ scheduled to be held on March 3, 2022. Speakers of the press conference include Michele Foletti, the Mayor of Lugano, and Paolo Ardoino, the CTO of Tether. “Every city needs a plan. Join Lugano’s Plan ₿,” the post read.

This is not the first time the city of Lugano has revealed itself to be crypto-friendly. Back in November last year, Lugano declared itself to be a blockchain and crypto-friendly city and announced plans to release its own blockchain, an Ethereum-based open-source blockchain with a Proof-of-Authority consensus algorithm.

At the time, the city mayor noted: “We have always followed the development of new technologies very closely and we have identified blockchain as a topic of great interest for both multinational and local companies, citizens and businesses. We believe that a city must be at the service of citizens and with these initiatives we intend to place Lugano as a top-level player on the international scene, for all applications related to this technology.”