Lugano, Switzerland is set to become the blockchain hub of Europe after the ‘de-facto’ legalization of Bitcoin and Tether.
Alongside Tether and Bitcoin, Luagno’s own LVGA Points token will also be recognized as a ‘de-facto’ legal tender, as the Swiss Franc is still the official legal tender.
Mayor of Lugano, Michele Foletti announced through Lugano’s Plan B event, the implications the decision being made will have on the city. Alongside Foletti, Tethers CTO Paolo Ardoino spoke about the city and stated that the project was aimed at attracting talent to Lugano and making the city a major blockchain hub in Europe.
As part of the partnership with Lugano, Tether will create a fund of up to 100 million Swiss francs to help finance blockchain-based startups. With hopes of creating crypto unicorns (projects that succeed $1 billion in valuation). Alongside this Ardoino stated that Tether is working alongside exchange BitFinex to allocate funds for 500 scholarships. The scholarships will be granted to students that are focusing on blockchain and crypto technologies.
With over 60,000 current residents Lugano is set to host the Bitcoin World Forum conference this October, attracting some of the best minds in the field to the city planning to be the blockchain hub of Europe.