The Future of Cryptocurrency in Daily Payments: Lessons from Lugano
Cryptocurrencies have sparked a global debate on the future of financial transactions, with a particular focus on their integration into daily payments.
The Swiss city of Lugano stands as a pioneering example of how cryptocurrencies can be woven into the fabric of everyday life, serving as a case study for cities worldwide, according to Bitget’s Gracy Chen .
According to Chen, over 15% of residents in Lugano have adopted the city’s own LVGA stablecoin for regular financial activities, including paying bills, shopping, and accessing online services.
While in developed countries like the United States, the unbanked population is as low as 6%, in regions such as Africa, it spikes to over 52%, highlighting the transformative potential of cryptocurrency in fostering financial inclusion.
Despite the growing use of digital currencies, they have yet to achieve the ubiquity of traditional payment systems in household finances.
However, the tide is turning, with global payment companies and trading platforms issuing crypto credit cards and major corporations like Wikipedia, Microsoft, and Google embracing Bitcoin payments, Chen said.
Lugano itself has become a live experiment in crypto living, allowing residents and visitors to conduct their daily transactions entirely in cryptocurrency, supported by over 400 local merchants.
Paying for drinks with crypto in Lugano, Switzerland
Truly the crypto country @LuganoPlanB pic.twitter.com/WGvRNVmfSG
— Parv (@Parv_EP) March 30, 2024
The city’s success is partly due to strategic partnerships, such as that with Bitfinex, which developed a platform facilitating payments in Bitcoin, Tether, and the LVGA token.
Such initiatives are paving the way for a future where digital
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