An official in the Swiss town of Lugano recently spoke about their various initiatives regarding crypto, digital currencies, and stablecoins and their potential in charting the city’s future.
Lugano in Switzerland has shot to fame with its crypto-friendly initiatives. It has also partnered with Tether for Lugano Plan B, a project promoting crypto adoption in the Swiss town. Lugano Plan B also aims to transform Lugano’s financial infrastructure using digital ledger technology. Recently, an official of Lugano spoke further about their plans regarding crypto, digital currencies, and stablecoins.
Paolo Bortolin, the city’s Chief Financial Officer, is heavily bullish on crypto. He claims one can leverage all products of blockchain technology for different uses. While stating the decentralized nature of Bitcoin, he claimed wholesale and retail central bank digital currencies (CBDCs) are also important. He said retail CBDCs still have certain concerns, while wholesale CBDCs will become popular sooner.
Bortolin said, “If individuals can manage all their Swiss francs through a digital wallet controlled by the central bank, and may manage decentralized finance investments easily via a CBDC, the necessity for traditional banks might diminish.” According to him, stablecoins will also become an important part of the digital financial ecosystem.
He mentioned Switzerland’s wholesale CBDC project, in which they did not participate much. At the same time, they would accept a CBDC if the Swiss Central Bank approves it, he said.
Lugano has recently become a crypto hub in Europe with multiple actions. A year back, it partnered with El Salvador to promote crypto adoption. The project’s goal was to promote Bitcoin in both the countries.
Moreover, in December 2023, Lugano approved an exercise to enable its residents to pay taxes in crypto. They could start doing so via Bitcoin or Tether.
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