The drive by most top European cities to attract big crypto guns into setting up a center in their territory is fast becoming a competition of sorts now. Lugano, Switzerland, might become the first city in Europe to implement blockchain technology.
The largest stablecoin in the crypto market, Tether, recently announced its plan to make a Swiss city the ninth biggest in terms of cryptocurrency-related activity. Tether has identified the city of Lugano as the next capital of cryptocurrency in Europe. It wants to put in place structures and mechanisms to transform the city into a bubbling cryptocurrency hub in no time.
It appears that decision-makers in Europe are now embracing blockchain technology following the same path other nations have to incorporate the technology in their financial services industry to accommodate the rising preferences for digital financial transactions among the populace.
Tether’s Plans for Lugano
According to the leading stablecoin work, Tether has set its sights on changing the city’s financial industry by using blockchain to revamp the city’s economic growth and development to ensure improved living conditions for residents and the country in general.
However, Tether gave no clue how it plans to go about its vision for the city, but the stablecoin company has revealed it will release a comprehensive report on its plan on March 3.
Last year, the city of Lugano announced the launch of the city’s native blockchain, which used an algorithm belonging to the Ethereum blockchain network. Following its release, the blockchain operated on open-source software.
What Other Countries Are Doing
With some countries’ plans to adopt blockchain technology, most countries and cities are working hard to regulate and adopt various cryptocurrencies that they feel are aligned with the financial system. More importantly, several countries have announced their working partnerships with their respective central banks to develop their versions of digital currency that would facilitate the use of blockchain networks and conventional financial services.
So far, the most widely publicized official adoption and implementation of blockchain technology and cryptocurrency have been made by the Central American nation of El Salvador. The country has already approved Bitcoin as a transaction medium and is always purchasing cryptocurrencies facing price falls.
No other country has come close to the Central American nation in terms of official backing and a statement of intent on its plans for cryptocurrency and blockchain.
Even though Lugano is not even the largest city in Europe or even Switzerland, its total population is 69,000 compared to Zurich, one of the largest in Switzerland with 500,000. But the city of Lugano is willing to pursue the vision of seeing the adoption of blockchain technology come to reality.
There has never been a better time than now for countries to adopt the use of blockchain technology, especially in their financial services industry, because this represents the new trend of transactions due to the preference of the majority of people for digital financial transactions.