El Salvador, a Central American country, and Lugano, a southern city in Switzerland have signed a new agreement. The reports claim that it is an economic cooperation agreement signed between both regions.
The similarity between ES and Lugano
According to the market observers, it is due to the technological similarities both regions have signed the agreement. The technological similarities between the regions include crypto-blockchain technologies.
The announcement related to the cooperative agreement signed between both jurisdictions was made by the Lugano officials.
The reports confirm that a memorandum was signed between both jurisdictions that would understand economic cooperation between both sides.
It was during the Plan B event held in Lugano that the officials announced the agreement between both sides.
Comments by Mayor Michele Foletti
Michele Foletti, the Lugano Mayor talked about why they went ahead with forming an agreement with El Salvador.
The Mayor stated that El Salvador has established itself as the country that has adopted Bitcoin as a legal tender. This means that Bitcoin (BTC) has a legal status in the country.
This is exactly the reason why Lugano was compelled to form an agreement with El Salvador. It was in the best of their interest to form an agreement with regions such as El Salvador where cryptocurrencies are legal.
Statement by El Salvador’s Ambassador
The United Nations Office’s ambassador from El Salvador, Joaquin Alexander Maza Martelli commented about their country’s agreement with Lugano.
He stated that blockchain technology integrated with Bitcoin has many opportunities to offer. These opportunities include investments and growth that any community can benefit from.
As a result of their latest partnership, they will be able to bring more power to the cryptocurrency industry to become a new alternative exchange and financial tool.
They hope that the relationship would strengthen with Lugano and would reach beyond just one city in Switzerland. They would eventually expand their service network and target entire Switzerland.
El Salvador Grows Closer to Europe
Switzerland is currently one of the most stable countries on the European continent. If El Salvador’s relationship with the country keeps getting stronger, they would continue gaining more ground in Europe.
The country would be able to target more cities and countries throughout the European region.
With cooperation, both regions would be able to offer so much to Bitcoin in return. The adoption of Bitcoin may continue rising and things would become more favorable for the digital asset.
At the time of writing, the trading price of Bitcoin hovers at $20,786.99 and it has surged by 0.89% in the past 24 hours.
It seems that for now, the trading price of Bitcoin is surging and the situation may keep getting better if the rally continues.