Article submitted by Johann Thusbass
Lugano, Switzerland hopes to become the capital of Bitcoin in Europe. Mayor Michele Foletti sees a bright future in “Plan B”.
With the termination of banking secrecy, the Ticino metropolis’ significance as a regional banking hub close to Italy has been drastically diminished.
3,000 jobs have been destroyed and tax revenues have dropped by $30 million since banking secrecy was exposed. Now, Lugano aspires to transform into a Bitcoin metropolis. A well-received conference was held for that purpose on October 28 and 29. Visitors were thrilled to see in person the outstanding technological and commercial developments in the Bitcoin industry.
Plan B Forum Invites International Bitcoin Experts – Impresses with Bitcoin Drone Show
Making the news among Bitcoin enthusiasts from around the world was easy for the Plan B Forum organizers. They have set the bar high when it comes to Bitcoin entertainment and launched an impressive drone show above the lake of Lugano.
The Plan B Forum in Lugano invited international Bitcoin experts, developers and leaders to share their knowledge and insight with the audience.
The “Plan B” in the conference brand is also title of a masterplan to transform Lugano. It envisions the creation of a Bitcoin hub in the heart of the city. Companies using this technology are expected to establish themselves there. According to Michele Foletti, the city Mayor, new jobs will be created for the urban youth, and new businesses will increase tax revenues.
Plan B for Lugano will succeed, he is certain; the risks are small. Large tech firms like Tether will make all of the investments, including required real estate development. Foletti asserts with confidence that Lugano has nothing to lose. The mere announcement of Plan B already posed a significant marketing impact for the city.
At the coffee stand at Plan B Forum, Samson Mow is having coffee together with the Prince of Serbia.
Lugano as a competitor to Zug’s crypto-valley?
In Switzerland, the blockchain business generates a large amount of revenue and employs many people. Although there are no official statistics, the sector claims that there are over 1000 enterprises and 6000 employees. Zug is home to about half of these. In contrast, only 50 cryptocurrency businesses have opened in Lugano to date.
Tether – the controversial partner?
Stablecoin issuer Tether as a partner triggers some concern. The company provides Lugano with over 100 million francs, among other things, to promote startups and introduce payment systems.
However, Tether’s business is seen controversial and repeatedly targeted by regulators. For instance, the company settled a $40 million fine in the United States in 2021 for making false statements regarding its foreign exchange reserves.
Unlike Bitcoin, Tether claims to be a so-called stablecoin: As the Tether currency is backed by real US dollars. This is supposed to make the cryptocurrency more stable. So far, about 80 billion Tether have been issued. However, it is not clear how much capital is really deposited.
However, Tether is still leading the market of stablecoins and is still regarded as one of the most established players globally. It has so far managed to withstand all legal problems in the United States. From this perspective, Lugano’s decision to work with such a partner is daring.
If the Plan B works out, Lugano could benefit massively being an early adopter of the Bitcoin Standard. At Plan B Forum, attendees already celebrate the bright orange future.
