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Lugano is not a big city by any margin. It has less than 64,000 people with a mostly Italian-speaking population. However, we may soon start hearing more from this town where crypto adoption is the next goal for the management as more people are using it to pay for their daily expenses. Right now, even the international corporation McDonald’s will begin accepting BTC payments.
Other developments in Lugano
The short video where a person comes up to the McDonald’s digital menu board and pays for their meal with Bitcoin became viral in the crypto community. The fast food restaurant now offers clients three different payment methods: Tether (USDT), Bitcoin (BTC), and LVGA. Regardless of what type of coin you use, you will be able to quickly pay for a meal. The lightning network allows users to pay quickly and without overpaying for a transaction.
However, a much bigger news story is that Tether Operations Limited will create a new plan that will cover the financing of any crypto startup with a total fund size of $106 million. The fund will provide financial assistance to promising developers who want to work in this city. Another big fund is $3 million. It will be used to facilitate cryptocurrency payment adoption by local brick & mortar stores that operate in Lugano.
Interestingly enough, the city allows residents to use crypto for all sorts of purposes including paying taxes, parking, tuition payments, and more. Currently, over 200 different businesses located in the town are accepting crypto in exchange for their products.
The rapid onset of crypto adoption is a good thing for Europe
With more and more countries interested in regulating cryptocurrencies or issuing their own, more businesses operating on the ground have to get into the crypto industry and start offering their clients alternative payment methods.
Lugano can be an example of how it can be done without disrupting social security, economic development, and cash flow. Switzerland is one of the biggest proponents of adopting already existing cryptocurrencies. Their lead can be more than just influential and cause a new wave of interest from European nations toward Bitcoin and Ethereum.
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