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El Salvador has signed a memorandum of understanding with the city of Lugano, Switzerland geared towards spreading Bitcoin adoption across the continent.

The central American nation has also opened a “Bitcoin office” within Lugano, according to the country’s U.S. ambassador, Milena Mayorga.

During Tether’s inaugural Plan B forum in Lugano on Friday, Mayorga said the office would be lead by a new Honorary Consul devoted to advocating Bitcoin throughout Europe.

“My fellow Salvadorans and I are very excited by the promise of Bitcoin, and I look forward to seeing how this initiative will help increase access to economic security and economic freedom for all,” said Mayorga.

El Salvador Bitcoin’s history

El Salvador was the first country in the world to establish Bitcoin as a legal tender in September 2021.

Despite the asset’s massive price decline since that time, its President, Nayib Bukele, has remained tenacious and has even bought more during the bear market.

The President is a huge fan of the “buy the dip” race.

Lugano has also followed suit, making the asset a de facto legal tender, alongside the USDT and LVGA stablecoins in March.

Tether on Friday applauded the partnership between El Salvador and Lugano.

“We commend the pioneers leading Lugano and El Salvador for launching this initiative, which promises to foster the exchange of best practices and ideas regarding the power of cryptocurrency,” said Tether CTO Paulo Arduino in a statement.

The stablecoin provider has been supportive to El Salvador with numerous Bitcoin adoption ideas, such as sponsoring its upcoming “Adopting Bitcoin” conference.

By Meekness Nnoka

Blockchain Analyst & Writer with top-notch Technological background. Enjoys reading and writing fascinating crypto contents. 4 years content creating experience.

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