Home » El Salvador and Lugano Sign Agreement to Spread Bitcoin Adoption

El Salvador and Lugano Sign Agreement to Spread Bitcoin Adoption

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El Salvador and the city of Lugano in Switzerland signed a memorandum of understanding on economic cooperation aimed at dissemination Bitcoin passed.

The partnership between the Latin American country and the city of Switzerland is an “initiative to promote the adoption of Bitcoin and other cryptocurrencies in their respective regions” and a “student and talent exchange between El Salvador and Lugano”. We support “to do”.By stablecoin issuer Tether Said.

El Salvador also plans to open a “Bitcoin office” in Lugano to broaden the adoption of cryptocurrencies in Europe.

Tether, the operator of the world’s largest stablecoin USDT, is working to make Lugano a cryptocurrency hub where people can use Bitcoin and stablecoins through an initiative called “Plan B.”

Ambassador of Salvador to the United States Milena Mayorga said in the announcement: He is one of the main targets of President Naive Bukele’s government. ”

El Salvador last year made bitcoin legal tender— becoming the first country in the world to do so. The law requires companies to accept assets for payment if they have the technical means to do so.

Central American national leader Naive Bukele also bought worth tens of millions of dollars And Bitcoin enthusiasts flocked to the country to spread the word about conferences and adoption.

However, the US government criticized the move to lawmakers. claim It could “pose risks” to the US financial system, “weaken US sanctions policies and empower malicious actors and organized criminal gangs like China.”

and the IMF urged The small country wants to abandon the idea entirely because of the “great risks to financial and market integrity, financial stability and consumer protection.”

Decryption Also visited It turns out that many businesses are not accepting bitcoin and citizens are losing interest in bitcoin.

A spokeswoman for the government of El Salvador did not respond DecryptionRequest for details regarding the new arrangement with Lugano.

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