Regardless of the prices of cryptocurrencies, we see that there have been big moves especially in the last 1 year. One of these moves was undoubtedly El Salvador’s recognition of Bitcoin as a legal asset. Although this move has received great criticism, for now, El Salvador seems to be happy with it. A move on legal existence came from Switzerland.
Bitcoin, Tether and LVGA Token
According to Tether’s statements on Twitter, Bitcoin, USDT and the Lugano city’s native token LGVA are becoming legal entities in Lugano, Switzerland’s ninth largest city.
On the other hand, Lugano is characterized as the economic capital of Southern Switzerland, which has a strategic location between Milan and Zurich metropolitan areas. The city is home to an important financial center and centers of pharmaceutical, commodity trade, and fashion, and remains a sought-after tourist destination.
For this reason, this step taken in the city of Lugano is thought to be very important for cryptocurrencies. It is quite interesting that a city in Switzerland has taken this step, especially after El Salvador.
Adoption of Bitcoin
Although the adoption of Bitcoin first started at the individual level, we now see that both governments, large companies and cities are adopting Bitcoin and cryptocurrencies. While Bitcoin was considered a bubble 5-6 years ago, we now see that cryptocurrencies have become legal entities.