Lugano and El Salvador, two places that have adopted Bitcoin, have joined hands to work on joint initiatives and foster cooperation with educational and research institutions.
Switzerland’s southern city of Lugano and El Salvador have signed an economic cooperation agreement based on crypto and blockchain.
According to an Oct. 28 announcement from Lugano, the two pro-crypto jurisdictions signed a memorandum of understanding on economic cooperation at the city’s Plan B event. Lugano Mayor Michele Foletti cited El Salvador adopting Bitcoin as legal tender as part of the city’s interest in the agreement, which will allow the pro-crypto country to establish a physical government presence in an effort to “foster cooperation with educational and research institutions.
“The use of Bitcoin and Blockchain technology creates new opportunities for growth and investment that benefit our communities; it is a new alternative financial and exchange tool that fosters trade and the provision of services in a globalized world,” said Joaquín Alexander Maza Martelli, El Salvador’s ambassador to the United Nations Office in Geneva. “With this agreement, El Salvador is now much closer to Europe.
“[El Salvador and Lugano are] going to start working together and collaborating on joint initiatives. I think that’s the way we push each other forward — basically create alliances between places that have adopted Bitcoin.”