Lugano, Switzerland supports cryptocurrencies, cryptocurrency payment boom?
image description
Image credit: @paoloardoino
Paolo Ardoino also said at the city's "Plan B" event, "We want to prove that these created cryptocurrencies can work in a vibrant city like Lugano. Tether has already cooperated with the local government cooperation, set up a CHF 3 million fund to encourage the adoption of Bitcoin (BTC), Tether (USDT) and LVGA tokens in shops and businesses across the city. The purpose of this project is to attract more talents to Lugano, Help it become the main blockchain hub in Europe.”
Separately, Tether will create a fund of up to 100 million Swiss francs to help finance blockchain startups in the region. As an efficient Ethereum Layer 2, Polygon has also reached a cooperation with it as the infrastructure for stablecoin settlement in Lugano.
image description
Image credit: @nayibbukele
first level title
secondary title
higher level of trust
secondary title
more stable exchange rate
secondary title
Facilitate remittance investment and other activities
The President of El Salvador once said that many people in South American countries will go to the United States and other developed countries to work, and then remit the remuneration they earn back home, but many of them do not have bank accounts or credit cards, cannot use traditional financial services or need to bear high costs. Remittance fee. These remittances take dozens of days to get the money back to their home countries. It is more convenient to use cryptocurrency to transfer money across borders, which is also conducive to reducing losses in some international investments.
first level title
Cryptocurrency = Fiat Currency? Where are the obstacles?
The scenario of turning cryptocurrencies into legal tenders has begun to be tried in a small number of regions and countries, but it is basically impossible for cryptocurrencies to act as world currencies to achieve global circulation without borders.
first level title
What will the future hold?
Compared with traditional finance, cryptocurrencies are more convenient, more transparent, and cheaper to transfer money across borders, which will attract more and more people to break their prejudices. But at the moment, the risks and obstacles in cryptocurrency transactions still make many people wait and see about cryptocurrencies. In order to promote the popularization and application of cryptocurrencies, we must first ensure the stability and security of cryptocurrencies. Whether it is traditional finance or digital finance, supervision and supervision are essential. Only in this way can we ensure the healthy operation of the market.
Taking the stable currency of cryptocurrency as an example, it is necessary to ensure the transparency of the issuer and the real existence of stable currency collateral to protect the interests of holders. A complete cryptocurrency infrastructure is also a key point. As an infrastructure to replace fiat currency settlement, it must support high scalability and fast transactions to facilitate payment and settlement.
But it should be noted that education and incentives for users are also indispensable steps. Only when the threshold is lowered, will the encrypted world welcome more and wider users. The initial positioning of Bitcoin is to realize peer-to-peer payment, but can the technical development of cryptocurrency and the popularization of user encryption education realize the original intention of Bitcoin a few years later? let us wait and see!
