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El Salvador and Swiss City Lugano Sign An Economic Agreement Based On Blockchain And Crypto

El Salvador and Lugano (a city based in Switzerland) have inked a contract for economic cooperation regarding blockchain and crypto. As per a declaration made by Lugano on the 28th of October, the 2 crypto supporting jurisdictions inked a memorandum of understanding (MoU) covering the cooperation at the Plan B event of the city.

Crypto-Favoring El Salvador and Lugano City Carry out a Financial Contract for BTC Adoption

Michele Foletti, the Mayor of Lugano, referred to the Bitcoin adoption of El Salvador as a legal tender to be a motivation for the city to jump into the contract which will permit the crypto-favoring country to advance the assistance for the research and educational organizations. The utilization of blockchain technology and Bitcoin offers exclusive opportunities related to investment and growth to provide advantages to the communities.

This has been mentioned by the ambassador of El Salvador to the Geneva-based United Nations Office, Jjoaquín Alexander Maza Martelli. He added that this move is to play the role of the latest alternative exchange and financial instrument to make further development to the provision of facilities like trade across the globe. The ambassador also mentioned that El Salvador, due to the respective contract, has reached nearer to Europe.

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Samson Mow (the ex-chief strategy at Blockstream), while discussing the Plan B event, disclosed that the contract was another move in the adoption of Bitcoin (BTC) being done by the cities and nation-states. As per him, El Salvador and the city of Lugano are going to begin operating in collaboration for their mutual endeavors.

He added that their efforts persuade each other to move forward and develop alliances between jurisdictions where Bitcoin (BTC) has been adopted. Tether, a prominent platform issuing stablecoins, declared in March 2022 that it would establish a fund of more than 100M worth of Swiss francs and assist the Lugano-based blockchain ventures. The venue supported the respective contract in a blog post published on the 28th of this month.

Agreement to Permit Citizens to Use USDT, LVGA, and BTC for Shopping and Paying Taxes

Paolo Ardoino, the chief technology officer at Tether asserted that the company would be ever ready to offer assistance in the case of need. As included in the Plan B endeavor, the strategy of Lugano is to permit the citizens to utilize USDT, LVGA, and BTC tokens as legal tender across several businesses and shops throughout the area in addition to recompensing for taxes, tuition charges, public services, and parking tickets.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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