Lugano Plan B is ready: as announced recently, it will make Bitcoin, Tether and Lvga a legal tender, ushering in a new era in Swiss finance and challenging the current Crypto Valley to become a crypto and blockchain hub.
So far, crypto and blockchain companies have found their place in Switzerland in the crypto valley of Zug. Here many crypto companies concentrated their activities, in some cases becoming real unicorns.
This “supremacy” from recently is in danger of being overshadowed by the decisive and convincing election of the Lugano administration. In partnership with Tether Limited, the city announced Plan B yesterday, which aims to transform Lugano into an incubator for crypto companies and startups.
This will be possible thanks to a 100 million CHF funding from several players in the industry, including Polygon. Those who receive this funding will need to help set up the technology infrastructure to enable public and private companies in Lugano to accept Bitcoin, Tether and Lvga as payment. Commercial enterprises can also implement these upgrades by benefiting from a financing of 3 million francs. In this case the main contributor is Tether.
Lugano is Ambitious
Unlike Zug, Lugano not only aims to allow blockchain companies to expand, but also wants them to explore their potential, seeing Lugano as a testing ground for their use cases.
The canton of Zug is challenged, but the winner is likely to be Switzerland, which once again proves to be a people who, unlike others, is not afraid of innovation or new payment methods that it does not see as competing for the CHF.
On the contrary, according to what was also said at the March 3 event, making the three cryptocurrencies a legal tender will be a driving force for the local economy, attracting new investment and tourism.
Lugano will be able to show that it is an example to follow, clearing up all cryptocurrency fears and showing that Bitcoin, Tether and Lvga can boost the economy and not be an obstacle or a danger.
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of EGG Finance. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.