El Salvador And Lugano Sign Agreement To Spread Bitcoin Adoption

October 28, 2022 9:44 pm Comments

The country of El Salvador and the city of Lugano have now signed a new agreement that is aimed at increasing Bitcoin adoption within their regions as well as neighboring countries.

Both of these regions are considered strong supporters of the cryptocurrencies and have put forth regulations that are friendly for crypto investors.

El Salvador is also the first country in the world to adopt Bitcoin as legal tender while Lugano us a city in Switzerland that launched a program that aims to bring Bitcoin adoption to a certain amount of people.

As part of this collaboration, El Salvador’s ambassador, Milena Mayorga, has opened a Bitcoin office in Lugano to help facilitate this agreement.

CoinDesk reports:

Mayorga was later joined on stage by Mexican politician Indira Kempis, Serbia’s Prince Filip Karađorđević and Lugano’s Director of Economic Promotion Pietro Poretti, and, via video link, former congressperson and possible presidential candidate Zury Rios from neighboring Guatemala.

While making no formal policy pledge, Rios made clear her interest in her country possibly adopting bitcoin.

A bitcoin advocate for some time and whose country has suffered its own hyperinflation, Serbia Prince Filip might have drawn the day’s loudest applause with his forceful denouncement of central bank digital currencies (CBDC), calling them – thanks to the promise of near-total government control – the complete opposite of bitcoin.

He called the selection of Rishi Sunak as U.K. prime minister a disturbing development thanks to Sunak’s embrace of CBDCs.

This could be the first of many partnerships between regions that are pro-crypto around the world and many hopefully influence other nearby Latin American countries to do the same.

Apparently, Tether, the company behind one of the most popular stable coins in the crypto industry, has also working to make Lugano a crypto hub.

This is done as part of an initiative that is called “Plan B” which has a specific focus on stablecoins.

The recent actions of Lugano and El Salvador have gone against many regulatory agencies that have urged them to scrap the idea completely.

DeCrypt.co concludes:

And the IMF urged the tiny country to scrap the idea completely because of the “large risks for financial and market integrity, financial stability, and consumer protection.”

Decrypt also visited the country and found that many businesses didn’t accept Bitcoin and its citizens had lost interest in it.

El Salvador’s government spokeswoman did not respond to Decrypt’s request for further details on the new arrangement with Lugano.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.