Crypto Currency

Lugano Introduces Bitcoin, Tether, LVGA as Legal Tender

Key Takeaways Bitcoin, Tether, and LVGA will become official currencies in The City of Lugano. The Swiss city is partnering with Tether to make Lugano a blockchain hub in an initiative dubbed “Lugano’s Plan B.” Lugano will use Lightning Network for Bitcoin payments and explore clean mining. Share this article URL Copied Citizens will be…

Key Takeaways

  • Bitcoin, Tether, and LVGA will become official currencies in The City of Lugano.
  • The Swiss city is partnering with Tether to make Lugano a blockchain hub in an initiative dubbed “Lugano’s Plan B.”
  • Lugano will use Lightning Network for Bitcoin payments and explore clean mining.

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Citizens will be able to use Bitcoin, Tether, and LVGA to pay for taxes, goods, and services. 

Lugano Announces “Plan B” 

The City of Lugano is introducing Bitcoin, Tether, and its own LVGA token as legal tender. 

Officials from the Swiss city and Tether announced the update, dubbed “Lugano’s Plan B,” in a Thursday live stream, before Tether posted a tweet. Lugano citizens and companies will be able to use Bitcoin, Tether, and LVGA to pay for all goods, services, and taxes “in the near future,” a press release confirmed. When citizens use crypto assets as a currency, the funds will be converted into local fiat via a third party intermediary. 

Lugano’s Plan B will see the city and Tether collaborate in hopes of making Lugano a hub for blockchain adoption in Europe. Through the partnership, Lugano and Tether are hoping to demonstrate the real-world utility for blockchain within the local community. The press release said that the collaboration would mark Tether’s “first full-scale urban practical use case.”  

The Swiss city is also focusing on helping businesses integrate payments solutions for stablecoins, and it plans to leverage Bitcoin’s Layer 2 Lightning Network to achieve scalability. Lugano and Tether have also committed to several other initiatives, including creating a blockchain company hub and fund for startups. Additionally, Lugano plans to use green energy for Bitcoin mining. 

Michele Foletti, Mayor of Lugano, said that the city was “investing in its future” through the partnership. He explained that Lugano strongly believes in blockchain’s potential and that the partnership would help build “a better and more open, transparent and smart city.” 

Paolo Ardoino, Chief Technology Officer, added that Tether looks forward to Lugano “becoming a model for global adoption” of cryptocurrency technology, remarking that the firm hopes to help all businesses leverage blockchain in the future. 

While Lugano is the first Swiss city to announce that it will be using Bitcoin as legal tender, it’s not the first place in the world where crypto assets have been adopted as a form of currency. Miami, led by the prominent Bitcoin enthusiast Francis Suarez, launched a cryptocurrency called MiamiCoin last summer, and El Salvador made history when it officially recognized Bitcoin as legal tender in September 2021. El Salvador’s President Nayib Bukele has since doubled down on the top crypto by mining coins from volcanoes, planning a city dedicated to Bitcoin, and repeatedly “buying the dip” on market downturns, but the country’s adoption move has faced intense criticism from Salvadoran citizens and officials alike. How Lugano’s crypto play will be received remains to be seen. 

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies. 

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Binance, the world’s largest cryptocurrency exchange by trading volume, used Africa Month to deepen its engagement on the continent, positioning digital assets and blockchain technology as tools for economic inclusion and community development. The company said it ran a month-long campaign from April 25 to May 25 aimed at boosting participation in the digital economy…
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Ethena price: ENA dips despite 5-week peak in whale activity

Ethena’s native token, ENA, saw its price decline as Bitcoin slid below $79,000 The slight dip happened despite ENA notching a 5-week high in whale activity. Prices could fall further, but a rebound for BTC could boost ENA. Ethena (ENA) price faced downward pressure today, dropping nearly 4% to intraday lows of $0.11 as Bitcoin


Ethena Price Down

  • Ethena’s native token, ENA, saw its price decline as Bitcoin slid below $79,000
  • The slight dip happened despite ENA notching a 5-week high in whale activity.
  • Prices could fall further, but a rebound for BTC could boost ENA.

Ethena (ENA) price faced downward pressure today, dropping nearly 4% to intraday lows of $0.11 as Bitcoin grappled with renewed selling amid macroeconomic headwinds.

This decline unfolded even as on-chain metrics signaled robust interest from large holders.

Analysts say the move highlights a disconnect between whale behavior and short-term price action.

Ethena hits 5-week high in whale activity

On-chain data shows Ethena’s ecosystem has managed notable momentum.

For one, the network just hit its largest daily network growth in over three months.

The platform did not just see a surge in new wallet creations, but had ENA whale activity surging to a five-week peak, with this aligning with heightened interest bolstered by several bullish catalysts.

According to Santiment, one of the key drivers was Grayscale’s decision on May 7 to incorporate ENA into its DeFi Fund.

Ethena also recently saw a massive $310 million USDC transfer, a transaction that injected fresh liquidity and drew widespread attention.

Santiment has also highlighted that the spotlight on ENA increased further when LayerZero announced a temporary bridge suspension on May 9, keeping Ethena at the forefront of DeFi discussions.

Adding to the optimism, the Ethena Foundation recently affirmed that all conditions outlined by its Risk Committee for activating the “fee switch” have been satisfied.

This mechanism, designed to distribute protocol fees to stakers, awaits a governance vote from ENA holders in the coming days.

The whale positioning ahead of the pivotal vote helped ENA price pump to highs of $0.14 on May 10.

Why’s ENA price down?

Despite the positive catalysts, ENA’s price succumbed to broader market dynamics.

Both RSI and MACD on the 4-hour chart suggest prices could fall further.

Ethena ENA Chart
Ethena price chart by TradingView

On May 13, crypto sentiment soured following the release of U.S. Producer Price Index (PPI) data.

This came in hotter-than-expected and exacerbated fears of persistent inflation and delayed rate cuts.

US stocks slid, and Bitcoin, the crypto sector’s bellwether, tumbled below $79,000 during intraday trading.

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