El Salvador will Establish the First Bitcoin Embassy in the World

Oct 28, 2022

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El Salvador recently signed an economic cooperation agreement with Lugano. The city located in south Switzerland is already a pro-crypto city. Its leaders are hoping to make further advances in adopting bitcoin and other cryptocurrencies through this cooperation with El Salvador.

El Salvador was the first country in the world to accept bitcoin as a legal tender in 2021. Since then the country became a haven for crypto-enthusiasts and enjoyed the extensive benefits of this leap of faith. The president, Nayib Bukele, is the driving power behind the adoption of bitcoin. So far it seems that he was right even though he was widely criticized for his decisions.

Now Lugano also wants to go down this path. As part of the agreement they will launch joint initiatives and cooperate in research and educational programs. El Salvador will also establish a bitcoin embassy in Lugano so that the two parties can work together even more closely.
As part of the Plan B initiative the city will introduce bitcoin, Tether, and LVGA tokens as an accepted payment method in local businesses. These cryptos will also be accepted to pay for taxes, public services, parking and so on.

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