Tether, the company behind the largest stablecoin in the cryptocurrency market, has announced the launch of its “Plan B” program to help turn a city in Switzerland into a crypto capital.
According to a Twitter announcement, Tether plans to turn the Swiss city of Lugano into the crypto capital of Europe.
According to the statement, Tether is looking to revolutionize the city's financial sector by transforming its economic system and introducing blockchain technology to it.
It is not yet clear how Tether plans to do this, but it will release more details in March.
Last November, Lugano announced the city’s blockchain release that relies on the Proof of Authority consensus algorithm associated with the Ethereum blockchain.
The newly introduced blockchain was running on open source technology.
As technology adoption increases, more cities and even countries are adopting cryptocurrencies.
In addition, several countries have stated that they are developing their own central bank digital currencies that would allow direct implementation of blockchain technologies in the traditional financial system.
The greatest adoption ever between cities and countries has been reached by El Salvador, which previously recognized bitcoin as legal tender and is constantly buying more cryptocurrencies and adding them to its treasury.
Lugano, with a population of 69,000, is not the largest in Europe and cannot compete with Zurich, Switzerland, which has a population of around 500,000, but it can still push the adoption of cryptocurrency technology to the extreme.
