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The Swiss city of Lugano is recognized for technological ingenuity and hopes to position itself as a cryptocurrency center. The city recently struck an agreement with Tether to develop a blockchain adoption center of excellence, to allow its inhabitants and companies to pay their taxes in cryptocurrency.

Tether announced the agreement on Twitter, outlining how Lugano and Tether will collaborate to help Lugano become a European Bitcoin capital. Tether intends to establish a multi-million dollar fund to encourage blockchain-based entrepreneurs and blockchain services in Lugano as part of the cooperation.

As part of the collaboration, Lugano will employ the Lightning Network, a second layer added to Bitcoin’s blockchain that will allow it to address scalability difficulties. Bitcoin, Tether, and some CHF-based stablecoins (Luga, LVGA) will also be accepted and converted into local money.

Tether will assist businesses in Lugano in developing infrastructure that would allow them to combine their existing payment methods with certified stablecoins.

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