The issuer of the largest stablecoin on the cryptocurrency market has announced the release of a special "Plan B" for the ninth-largest city in Switzerland. According to the Twitter announcement, Tether is planning on transforming Lugano into the "crypto capital of Europe."
According to the statement, Tether is looking forward to revolutionizing the financial sector in the city by transforming its economic system and bringing blockchain in. It is not yet clear how the stablecoin company is planning to do so, but it will release more details on March 3.
Back in November, Lugano has announced the release of the city's own blockchain that was based on a Proof-of-Authority consensus algorithm linked to the Ethereum blockchain. The newly presented blockchain was functioning on open-source technology.
Tomiwabold OlajideWith the further adoption of the technology, more cities and even countries are working on the adoption of various cryptocurrencies. Additionally, numerous countries have stated that they are working on the development of their own Central Bank Digital Currencies that would allow direct implementation of blockchain technologies in the traditional financial system.
The deepest adoption among cities and countries was reached by El Salvador, which previously recognized Bitcoin as legal tender and is constantly buying more cryptocurrency on its way down.
Lugano, with its population of 69,000, is not the largest city in Europe and cannot compete with Switzerland's Zürich with a population of approximately 500,000, but it could still push the adoption of cryptocurrency technology further.
Tomiwabold Olajide
U.Today Editorial Team
Vladislav Sopov
Dan Burgin