To encourage the use of Bitcoin throughout the continent, El Salvador and the Swiss city of Lugano have signed a memorandum of understanding. The U.S. ambassador to the country, Milena Mayorga, also claimed that the central American country had built a “Bitcoin office” in Lugano.
Mayorga said that a new Honorary Consul will work in the office and be committed to promoting Bitcoin around Europe during Tether’s first Plan B meeting on Friday in Lugano.
“My fellow Salvadorans and I are very excited by the promise of Bitcoin, and I look forward to seeing how this initiative will help increase access to economic security and economic freedom for all,” said Mayorga.
In September 2021, El Salvador became the first nation in the world to recognize Bitcoin as legal money. Despite the coin’s steep price decline since then, its president continues to support its adoption and has even increased his purchases during the bad market.
Similar steps were taken in March by Lugano, which declared the asset to be de facto legal money alongside the USDT and LVGA stablecoins.
Tether praised the collaboration between El Salvador and Lugano on Friday.
“We commend the pioneers leading Lugano and El Salvador for launching this initiative, which promises to foster the exchange of best practices and ideas regarding the power of cryptocurrency,” said Tether CTO Paulo Arduino in a statement.
The stablecoin provider has already supported El Salvador with numerous Bitcoin adoption initiatives, such as sponsoring its upcoming “Adopting Bitcoin” conference.
