Pos, cap on cash? Meanwhile in Lugano you can live using bitcoins
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In Lugano you can pay with cryptocurrencies in dozens of shops and, in future plans, the city administration intends to increase the number of affiliated shops. However, this is only the most visible part of the digitization process which aims to attract startups capable of creating employment and re-evaluating the potential of the Ticino area.
The project, called Plan Bitcoin, collects and expands a predisposition to the use of cryptocurrencies already started by the municipality of Chiasso in 2018, when it began to accept payment of taxes in Bitcoin. The initiative of the town on the Italian-Swiss border was followed by others up to the cantonal administrations which, even if limited to a certain number of services, will accept crypto payments starting from the summer of 2022.
In Italy the use of the Pos and the cash limit are still today a terrain of political and social confrontation, about thirty kilometers north of Como the atmosphere is completely different. It is not just a question of spreading cryptocurrencies, but of creating an innovative entrepreneurial fabric, attracting investors and expanding the local population. An example of a company that leverages technologies to improve.
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The use of cryptocurrencies in Lugano
Bitcoin and Tether are currently accepted by about 120 businesses including bars, shops and hotels (indicated in the map below). To these two cryptos is added LVGA, a stablecoin already accepted by 300 different points of sale and which grants a 10% discount to those who use it.
Plan Bitcoin is a project that goes beyond the merely economic aspects and, to better understand its genesis and expectations, we turned to Paolo Ardoino, Chief Technology Officer (CTO) of Tether who accompanied Lugano in this project and to Pietro Poretti, head of Economic Development Division of the city.
We went deeper with Paolo Ardoino the economic and social aspect, starting from the need to understand why Tether has entered into a partnership with the Canton of Ticino and in particular with Lugano: “Because the history of this territory speaks to us of innovation and openness to the future. Lugano opened its doors to us and we understood that it was the right city to get involved and develop the first hub for the European Blockchain. Furthermore, we believe we are in the center of Europe, and the proximity to Milan and other major financial centres. Last but not least, the support that local institutions give to the realization of this project. And we hope that Plan Bitcoin will be a beacon for other cities to adopt blockchain in their economies and cultures.”
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Culture is another aspect on which Plan Bitcoin emphasizes, organizing forums and summer schools to spread knowledge: “Creating a synergy with the university academic world has been a priority for us since the beginning of this project. We are very proud of the collaboration that has been established with Franklin University of Switzerland, and of the success that our Plan Bitcoin Summer School achieved last summer, with the participation of 86 students from 25 countries. We believe that it is essential to continue in this direction, which is why the Plan Bitcoin Summer School 2023 will see the participation of two other universities, the University of Italian Switzerland (Usi) and the Professional School of Italian Switzerland (Supsi). These initiatives combined with the Plan Bitcoin Forum will help in the formation and development of the city of Lugano as a hub for the Blockchain”.
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A hub that can also look to other cantons and abroad, because Ardoino is convinced that “with Plan ? we have demonstrated how it is possible to use the Blockchain in an economic system of a city, and easily allow every citizen to pay even for a coffee with cryptocurrencies. I believe that the neighboring communities must set their sights on our project. As regards Lombardy, as an Italian, I hope that Plan ? can also be an example for a city like Milan and beyond. I am sure that even in Italy there is all the potential to follow in the footsteps of Lugano, and together be a beacon for Europe in the adoption of the Blockchain”.
Lugano is not satisfied, in fact they are on the horizon other goals: “I would say that we are really at a good point with the roadmap, bearing in mind that we are not thinking of stopping here, but of continuing to develop projects and infrastructures for the future together with the City of Lugano that will make us the capital of cryptocurrencies in the world . Our goal is to demonstrate to the world how Blockchain technology can be incorporated into the economy of the city of Lugano. Because unfortunately to date, most of the Blockchain projects do not have a concrete impact on the daily life of most citizens”, concludes Ardoino.
A partnership that includes an entire financial hub city such as Lugano deserves further study also from the point of view of expectations of the public administration.
Pietro Poretti, director of the Economic Development Division of Lugano, is certain that Plan Bitcoin can contribute to affirming the position of the city as an innovative pole: “Lugano Plan Bitcoin contributes to further strengthening Lugano’s position as a pole of innovation and digital transformation, as well as an economic center on the axis between the North and South of the Alps. Specifically, with Plan Bitcoin Lugano aims to become a reference center for the adoption and development of bitcoin and blockchain technology. Furthermore, it creates opportunities for our young people and a favorable context where this sector can flourish, bringing benefits to the territory”.
The city also looks beyond national borders and does not close its doors to anyone who can accelerate the digital transition: “Collaboration with all stakeholders active in the world of innovation is essential. Precisely for this purpose, the city has created the Lugano Living Lab network, the city’s urban laboratory.
In this framework, institutions, citizens (as end users), academia and private companies collaborate in concrete digital transformation projects to grow the local innovation ecosystem. The concrete laboratory approach is also fundamental, where you can experiment, test in the field, gain experience, increase know-how in a context of continuous learning by doing. In the context of Lugano Living Lab, the various blockchain projects of the city developed in recent years were born, from the MyLugano app with the LVGA payment token, to 3Achain, up to Plan Bitcoin”.
Do two types of finance coexist
The city government is proving adept at balancing traditional finance and fintech. Poretti promotes the Blockchain as a tool capable of uniting the two worlds: “3Achain is a perfect example of collaboration between the various stakeholders. It is a Blockchain infrastructure promoted and built in collaboration, as mentioned, in which each participant in the network supports and promotes the infrastructure by hosting a Blockchain node in their datacenters and actively participating in the creation of projects and new solutions that exploit this technology . Lastly, we need to understand how these initiatives are not in opposition to traditional finance, a well-established sector in Lugano, but rather want to enable and facilitate innovation and digital transformation in a ‘historic’ economic sector for our city”.
Also from the point of view of local institutions, a front row seat is reserved for culture: “Digital culture is a fundamental aspect. Indeed, it is useless for a public body to push on innovation and digital transformation without taking care that citizens and, therefore, society are ready to take up the challenge. Since the birth of Lugano Living Lab, dissemination and training activities have been stimulated and promoted in favor of the population and social cohesion projects linked to the digital world have been activated, such as: eQuid (service for the collection, regeneration, valorisation and distribution of used computers) , Digital citizenship laboratory (pilot project for the citizens of Lugano dedicated to the acquisition of basic digital skills and competences), TAC (Environmental Technology and Competences, pilot project in favor of the pupils of the city’s elementary schools aimed at promoting the development of skills in the collection and interpretation of environmental data and in teaching, with the aid of digital technology) and Conscious digital, centered on public communication to raise awareness of the conscious use of technology and social media.
The cryptovalley
TO Zug, a town in the canton and lake of the same name located about forty kilometers from Zurich, the culture of cryptocurrencies has now branched out. The Canton is called “crypto valley”, international hub of experimentation and cradle of regulations on cryptocurrencies, fintech in general and Blockchain. All this was made possible by the collaboration of the federal government of Bern which moved to favor this cultural imprint, which now – and the Plan ? of Lugano confirms it – it is bearing fruit.
The opposition
The introduction of decentralized finance has not encountered particular obstacles even among the banks (Lugano, as mentioned, is the financial center of the Canton of Ticino) which have embraced the context in which Plan Bitcoin is articulated. However, the project was coldly received by Raoul Ghisletta, a socialist city councilor for whom cryptocurrencies are part of a finance that lends itself: “to any type of crime, from fraud to laundering dirty money from all sources”.
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