Forex in this article
• The majority of El Salvadorans reject cryptos as a means of payment
• El Salvador and Lugano enter into a partnership aimed at creating new opportunities for growth and investment
• Lugano wants to become the Bitcoin capital of Europe
Bitcoin is not doing as well in El Salvador as hoped
Bitcoin has been recognized as an official means of payment in El Salvador for over a year now. This makes the Central American country the first country to introduce a cryptocurrency as its official currency. As WirtschaftsWoche reports, President Nayib Bukele had hundreds of Bitcoin machines set up. In addition, all citizens received a crypto wallet with a Bitcoin credit value of 30 US dollars via the app. But along with the decline in bitcoin’s value, acceptance of the digital currency among El Salvadorans also declined. Citing a University of Central America (UCA) poll, WirtschaftsWoche reported that the majority of people in El Salvador oppose the volatile cryptocurrency as a means of payment. Three-quarters of respondents also stated that they had never used the cryptocurrency. A total of 77 percent also spoke against Bukele putting tax money into the crypto experiment.
Lugano Announces Bitcoin Partnership with El Salvador
The Italian-speaking city of the Swiss canton of Ticino, Lugano, announced in a press release that Lugano and El Salvador have signed a memorandum of understanding in the field of economic cooperation. This agreement was made as part of the city’s Bitcoin event called “Plan B” and aims to create new opportunities for growth and investment that can benefit both populations. “It is our common interest to encourage cooperation and the development of synergies within the Lugano Plan B to support the institutions and businesses of our territories. We are interested in El Salvador’s experience in adopting Bitcoin as legal tender and wish to continue to propose initiatives in collaboration with educational and research institutions, as well as with private and public partners, to create knowledge and skills in our country and to promote its competitiveness”, explained Lugano Mayor Michele Foletti.
Samson Mow, Blockstream’s former chief strategist, also told Cointelegraph: “El Salvador and Lugano will work together and push joint projects. I think it’s the right way that we push each other forward by creating alliances between regions that use Bitcoin introduced.”
Lugano: The European El Salvador
As WirtschaftsWoche continues to write, when it comes to crypto, the Swiss city is something like the European El Salvador. It is Lugano’s plan to become the Bitcoin capital of Europe. A large crypto center is planned, which will provide new jobs and innovations. In addition, residents should be able to pay their taxes in Bitcoin in the future. Many shops, restaurants and cafes also want to accept cryptocurrencies as a means of payment.
E. Schmal / Editor finanzen.net
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