El Salvador has announced that it has entered into a partnership with Lugano, a city in Switzerland, that will see them expand the reach of Bitcoin. The collaboration between both locations will see them drive the adoption of BTC and other digital assets. Asides from that, both communities will also help the student thrive across the two areas. The announcement was made available on the blog post of USDT developer Tether.
El Salvador to build Bitcoin hub in Lugano
According to the announcement, the new initiative will allow El Salvador set up an office that will only be for Bitcoin. This way, the country will help the city create more awareness and adopt digital assets across Europe. Tether is also involved in the partnership as it will be charged with building a crypto hub where residents across Lugano can make daily transactions using Bitcoin and other digital assets.
The initiative is called Plan B, which will open up to users across the country. An Ambassador to the United States from El Salvador said that the whole country is pumped up about the new initiative. Ambassador Milena Mayorga also noted that Bitcoin would help residents achieve economic freedom and security, among other things.
Bitcoin adoption slowed in the country
El Salvador has been one of the most vocal countries when it comes to the adoption of Bitcoin. The country installed the leading digital asset as its means of legal tender last year. During that period, the government made some of its biggest digital asset purchases. The country also made a law that created a law mandating businesses and investments with the means to accept payments in digital assets. Aside from those, the government has also held several summits for digital assets and blockchain. Despite the widespread approval from the general public, the United States leadership has been skeptical about the move.
The country claimed the movement threatened its policies as it would weaken its sanctions policy against other countries. The US also talked about how malicious actors could use the currency to carry out illegal activities. The IMF also intervened, asking El Salvador to scrap the idea citing risks to the country’s financial system. There are also claims that most of the citizens in the country are not tech-savvy, meaning that a little of the population is using digital assets for several activities.
