May 21, 2022

Tether And The City Of Lugano Presented Its “Plan B.” What Did We Learn?

4 min read

The City of Lugano in Switzerland, the most important Italian-speaking city beyond Italy, is not playing around. The objective of their “Plan B” is to “make Lugano the blockchain center for the entire Europe,” according to Tether’s Paolo Ardoino. And it will probably succeed. The city wants to bring in financial investment and skill, bring in wealth and wise minds, and they’re putting their cash where their mouth is.

Why do they have to brand their plan using bitcoin’s name, though? In NewsBTC’s previous article about the task we were really vital, and even raised the possibility of this being an affinity fraud. Bitcoin name is heavily utilized in all promotional materials, but the lead characters discuss blockchain and crypto like there’s no tomorrow. Why would Tether Ltd. and its partners not make this a crypto job and call it a day?

We closed said short article giving them the benefit of the doubt:

” And here comes the Mayor of the city of Lugano and Tether to sing bitcoin’s applauds. A “blockchain not bitcoin” guy and the organization behind the most controversial stablecoin. Even though it’s suspicious, let’s give them the advantage of the doubt and hear what they have to state. They might amaze us at the March 3rd conference. Maybe Lugano has a Plan B after all.”

Do they have a Plan B? Let’s find out.

Bitcoin Legal Tender In Lugano. And USDT. And LVGA

The story’s headline is that Bitcoin, Tether, and LVGA, the city’s own cryptocurrency, will be legal tender in Lugano. Residents will be able to “pay all personal and corporate community taxes” in any of those cryptocurrencies. Besides that, the city’s authorities have currently onboarded 200+ stores and companies to accept them.

There’s more though. You’ll have the ability to utilize bitcoin, USDT, and LVGA to spend for: public services, parking tickets, pet taxes, ID and passport issuance charges, naturalization charges, building and construction license costs, boat docking costs, tuition and meal fees, garbage taxes, signature permission, access to public infrastructure, access to public occasions, rental areas for events, and cemetery taxes.

Who Presented The News And What Did They Say?

The panel included:

  • Michele Foletti, the city’s Mayor, who spoke in Italian.
  • Jan Ludovicus van der Velde, CEO of Tether, who spoke through video.
  • Pietro Poretti, financial advancement division for the City of Lugano.
  • Paolo Ardoino, CTO of Tether

The Mayor stated that “Lugano is, historically, a land of technological innovation and freedom.” He thinks that “Bitcoin, blockchain, and crypto” should be “shared and accessible to all.” And he’s convinced “that this journey will bring benefits to all the residents and that’s why this is our dedication.”

Jan Ludovicus van der Velde briefly recapitulated bitcoin’s history and discussed the worth of open-source software. About cryptocurrencies, he stated that while the adoption is wide scaled, in practice, “we do not have the ability to exchange with the regional pastry shops and tailors. We do not have the capability to pay for higher education or automobiles. We’re stuck waiting on the world to reach the future of financial flexibility.”

About “Plan B” particularly, van der Velde stated, “We envision blockchain touching every aspect of this city.”

NEW: Switzerland'' s City of Lugano will “” roll the red carpet” “for #Bitcoin organizations and lovers πŸ™Œ

— pic.twitter.com/2hujg4V4wm– Bitcoin Magazine (@BitcoinMagazine) March 3, 2022

Paolo Ardoino mentioned that “with this Plan B we want to reveal that the tooling, the instruments, that we’re developing can be in fact put to work in a local, regulated, dynamic environment like the City of Lugano.” While Pietro Poretti said that the strategy was to “produce the ideal conditions for business to flourish.” They both carried the conference and revealed everything else in this post.

Ardoino likewise discussed why they picked Lugano. Among other things:

  • It’s in the center of Europe.
  • Switzerland is safe and safe and secure.
  • The city is near big airports.
  • It has forward-looking organizations and administration.

BTC price chart for 03/04/2022 on Coinbase|Source: BTC/USDT on TradingView.com
What Does Lugano’s “Plan B” Consists Of, Exactly?

The only reference of something bitcoin-specific goes to Paolo Ardoino, who sang the Lightning Network’s applauds and revealed his want Lugano to be the “first large adopter.” We know he meant after the famous Bitcoin Beach in El Salvador, of course.

Ardoino also revealed a 100 million CHF fund “for start-ups that wish to move here and wish to put their headquarter here.” “Infrastructure partners like Polygon” made the fund possible. Among USDT’s variations works on the Ethereum Layer 2 chain, and in this conference, we found out that LVGA, the city’s coin, also runs on Polygon rails.

Besides that fund, Lugano’s “Plan B” consists of:

  • A “Start-up center for 25+ ingenious business”
  • A “area for meetups and workshops open to the public.”
  • ” 3+ million CHF investment into useful grassroot blockchain jobs”
  • ” 500+ student grants for education in bitcoin and decentralized technologies.” According to Poretti, this whole thing isn’t possible without “synergy with academia.”

Revealing The Bitcoin World Forum

From October 26th to 28th, at Lugano’s Palazzo dei Congressi, there will be a huge conference. So far, the validated speakers are Blockstream’s Adam Back, bitcoin ambassador Samson Mow, and the controversial Max Keiser. More guests are to be announced.

Keep your eye on NewsBTC for following stories about the Bitcoin World Forum and Lugano’s “Plan B.”

Featured Image: Lugano’s Plan B statement, screenshot from the video|Charts by TradingView