El Salvador, City of Lugano Establish a Memorandum of Understanding on Economic Cooperation - Bitfinex blog
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El Salvador, City of Lugano Establish a Memorandum of Understanding on Economic Cooperation


ROAD TOWN, British Virgin Islands, October 28  2022  15:30 PM CET
–  Bitfinex, a state-of-the-art digital token trading platform, is supporting Salvadoran Ambassador Carmen Milena Mayorga Valera’s announcement that El Salvador and the city of Lugano will establish a Memorandum of Understanding on Economic Cooperation. The announcement was made during the first day of the inaugural Plan ₿ forum which takes place in Lugano, Switzerland.

Expected goals of the partnership include enhancing cooperation in education and research between El Salvador and Lugano, supporting initiatives to drive the adoption of Bitcoin and other digital tokens across their respective regions, and fostering the exchange of students and talents between El Salvador and Lugano.

“Lugano is a land of innovation and opportunity, and today’s historic announcement regarding our partnership with the great country of El Salvador is great news for believers of financial freedom and the power of cryptocurrency,” said Michele Foletti, Mayor of Lugano. “This joint endeavor will benefit the citizens of both Lugano and El Salvador as we continue to work towards a more inclusive global economy.”

“I am so pleased to have been able to announce this history-making partnership between the innovative city of Lugano and my beloved home country of El Salvador. We share a love for innovation and bold ideas, and this initiative will be a gamechanger in the exchange of ideas and best practices in economic freedom,” said Milena Mayorga, Salvadoran Ambassador to the United States. “My fellow Salvadorans and I are very excited by the promise of Bitcoin, and I look forward to seeing how this partnership will help increase access to economic security and economic freedom for all, one of the main goals of President Nayib Bukele’s government.”

“We have been proud to partner with both the city of Lugano and El Salvador in their efforts to promote financial freedom in both regions. Today, the dream of financial democratisation takes a big step towards reality with Lugano and El Salvador entering into an official partnership of economic inclusivity and financial freedom,” said Paolo Ardoino, CTO of Bitfinex. “We commend the pioneers leading Lugano and El Salvador for establishing this bilateral Chamber of Commerce, which promises to foster the exchange of best practices and ideas regarding the power of Bitcoin and the digital token economy, and we at Bitfinex stand ready to help however we can.”

The city of Lugano announced the Plan ₿ initiative in March of this year, with technology company Polygon also joining as a key infrastructure partner. With the goal of making Lugano a center of excellence for blockchain adoption in Europe, Lugano has adopted Bitcoin, USD₮, and LGVA, the city’s stablecoin, as legal tender.  

In April of this year, a relief fund was set up with El Salvador,  dedicated to help Salvadoran families impacted by gang violence Furthermore, Bitfinex has supported victims of Hurricane Julia in El Salvador through food distribution and emergency aid after the tropical cyclone devastated parts of the country in 2022. In a collaboration with My First Bitcoin (Mi Primer Bitcoin), Bitfinex has supported financial education in the country.

In addition, Bitfinex has sponsored a number of initiatives to drive access to cryptocurrency for people across El Salvador, including supporting the country’s forthcoming Adopting Bitcoin Conference. Since adopting Bitcoin as legal tender, El Salvador’s tourism has seen an increase of 30 per cent.

About the City of Lugano

Lugano is the economic capital of Southern Switzerland, strategically located between the metropolitan areas of Milan and Zurich. Set in an exceptional natural context and landscape, Lugano is the ideal place for living and working. The city hosts an important financial center and vibrant pharmaceutical, commodity trading, and fashion hubs and remains a sought-after tourist destination. A university town since 1996, Lugano is home to world-class research institutes and infrastructure, including the Dalle Molle Institute for Artificial Intelligence (IDSIA) and the Swiss National Supercomputing Center (CSCS). Among the safest cities in the Country, Lugano offers business-friendly legislation, great infrastructure, and political stability typical of Switzerland, combined with a Mediterranean flair.

About El Salvador and Adopting Bitcoin 

El Salvador made Bitcoin legal tender in 2021 and is a trailblazer in showing how Bitcoin and decentralized ledger and peer-to-peer technologies can accelerate financial literacy and inclusion. Its upcoming Adopting Bitcoin conference aims to promote Bitcoin, the Lightning Network and financial freedom and is another step in its long term goal to promote financial freedom.

About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.

Media contact for Bitfinex

Joe Morgan, Senior PR Manager

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