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El Salvador and Lugano Team Up to Establish a Bitcoin Embassy

On October 28, during the city’s Plan event, Switzerland’s Lugano city allegedly signed an economic cooperation contract with El Salvador. The mayor of Lugano, Switzerland, Michele Foletti, has stated that the city is interested in the partnership since it will allow pro-crypto nation El Salvador to have a physical government presence in Switzerland in order to promote collaboration with educational and scientific institutes.

Milena Mayorga, El Salvador’s U.S. Ambassador, announced plans to establish a “bitcoin office” and designate an Honorary Consul to raise bitcoin awareness in Lugano, Europe, Italy, and Friday’s Plan B Forum.

Later, Mayorga was joined by other politicians Indira Kempis of Mexico, Prince Filip Karaorevi of Serbia, Pietro Poretti, Director of Economic Promotion in Lugano, and likely presidential candidate Zury Rios of Guatemala, who appeared via video link. Although Rios would not commit to specific regulatory changes, she voiced her optimism that Brazil will eventually accept bitcoin.

According to the city’s “Plan B,” Bitcoin, Tether, and LVGA tokens will be accepted as “de facto” legal money for paying taxes, parking penalties, public services, and school tuition at several local businesses and institutions.

El Salvador was officially the first country to officially adopt Bitcoin as legal cash last year. All legally operating businesses in the country must take the asset as payment if they have the means to do so.

Meanwhile, El Salvador’s president, Nayib Bukele, has put millions of dollars into Bitcoin, and Bitcoin enthusiasts have flocked to the nation for conferences and to push for Bitcoin’s widespread acceptance.