El Salvador Opens A BTC Embassy in Switzerland

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El Salvador and the Swiss city of Lugano made a deal to get more people in Africa to use bitcoin. Lugano is in Switzerland. Milena Mayorga, the country’s ambassador to the United States, says the country has also opened a “Bitcoin Office” in Lugano. Searching for a reliable cryptocurrency trading platform to make Bitcoin investments? You can register here if you’re interested.

Mayorga says he can’t wait to see how this plan will make everyone’s money and give them more freedom and security. “I can’t wait to see how this project will help more people gain financial security and freedom.”

This happened in September 2021. Even though the value of the money has gone through the roof since then, the head of the company still wants to use it. Even though the market was going down, he bought more.

The same thing happened in March in Lugano, making the asset, like stablecoins like USDT and LVGA, a de facto fiat currency.

Tether said on Friday that they were happy with how well El Salvador and Lugano were working together.

Paulo Arduino, Chief Technical Officer of Tether, said, “We applaud the pioneers of Lugano and El Salvador for starting this project, which aims to promote best practices and the sharing of ideas about bitcoin’s potential.”

El Salvador has already gotten help from the company that makes stablecoins for several things that have to do with using bitcoin. For example, the company is paying for the country’s next “Bitcoin adoption” conference.

A year ago, El Salvador’s President Nayib Bukele talked to a group of cryptocurrency fans by the sea. In the background, you could hear fireworks and AC/”All DC’s Night Long.” When he said that Bitcoin will change El Salvador, the crowd cheered. When the digital token hit a new all-time high in November, El Salvador was just starting with its experiment as the first country in the world to use it as legal cash. The number of bitcoins mined in the country just set a new record.

There have been a lot fewer cool things after a year of traveling. Early excitement that spread across the country has died down because adoption is moving at a snail’s pace. Since last fall, when it was at its highest point, Bitcoin’s price has decreased significantly. The US dollar is El Salvador’s physical currency, and Bitcoin hasn’t even come close to taking its place. But it hasn’t hurt the economy as much as some people thought it would. Not yet, at least.

More than 4 million people use the government’s digital wallet, called Chivo. El Salvador’s tourism industry is on track to reach levels not seen before the epidemic. Also, the country’s central bank says 59 businesses have set up shops that work with bitcoin and blockchain.

Even though Zelaya says that people are sad about the recent price cuts, the government still wants to use blockchain technology to make a Bitcoin-backed bond. The project is called “volcano token.” Proponents say that El Salvador is an excellent place to attract companies in a promising field and become a center for financial services. This would lead to high-tech jobs being made. 

Paolo Ardoino, the chief technology officer at Bitfinex, said that it would have been short-sighted to think that cars were a failure because only 2% of the population had one in 1896, which is the year after Ford started making them. The government knows what’s going to happen next. The technology behind the cryptocurrency market is very advanced, and every country should want this kind of market.

The New York company AlphaPoint was hired to fix bugs in the Chivo wallet, and many other companies from all over the country helped with the rollout.

In May, El Salvador’s Universidad Centroamericana Jose Simeon Canas did a survey. 71.1% of those who answered said that the Bitcoin law did not help their family’s finances. People who were asked thought that Bitcoin was Bukele’s second-biggest policy failure in the past year after the rise in inflation.

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