Lugano wants to be the European Bitcoin capital

Switzerland's ninth largest city aims to become the Bitcoin capital of Europe, and Tether aims to help it achieve this goal. Tether is the stablecoin issuer behind USDT, one of the most important stablecoin in the crypto market, with a market cap of around $80 million USD.

New details were announced yesterday, March 3 through a press conference broadcast live by Michele Foletti and Paolo Ardoino, Mayor of Lugano and President of Tether respectively, presented the concept.

“Bitcoin and stablecoins are transforming the financial industry,” said Tether.

The city, despite the small population of 63 thousand inhabitants, is an educational center and has 3 universities, which will offer courses and training focused on Bitcoin and decentralized technologies.

Finally, the city of Lugano announced that it will accept cryptocurrencies for tax payments. Furthermore, the city aims to also be a hub for green Bitcoin mining. It is planned to use excess energy wasted daily in homes for mining, an essential activity for the grid.