Menu Expand

From Bitcoin to Stablecoins and their Contribution to the Monetary Landscape: The Case of Lugano’s Plan ₿

  1. Journals
  2. Economics, Finance, Business & Management
  3. Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung
  4. Vol. 2, Issue 2
  5. pp. 249–260

JOURNAL ARTICLE

Cite JOURNAL ARTICLE

Style
Beretta, E., Bregy, R., Zucco, G. From Bitcoin to Stablecoins and their Contribution to the Monetary Landscape: The Case of Lugano’s Plan ₿. Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung, 2(2), 249-260. https://doi.org/10.3790/vaw.2025.1457707
Beretta, Edoardo; Bregy, Robert and Zucco, Giacomo "From Bitcoin to Stablecoins and their Contribution to the Monetary Landscape: The Case of Lugano’s Plan ₿" Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung 2.2, 2025, 249-260. https://doi.org/10.3790/vaw.2025.1457707
Beretta, Edoardo/Bregy, Robert/Zucco, Giacomo (2025): From Bitcoin to Stablecoins and their Contribution to the Monetary Landscape: The Case of Lugano’s Plan ₿, in: Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung, vol. 2, iss. 2, 249-260, [online] https://doi.org/10.3790/vaw.2025.1457707
Format
Download

From Bitcoin to Stablecoins and their Contribution to the Monetary Landscape: The Case of Lugano’s Plan ₿

Beretta, Edoardo | Bregy, Robert | Zucco, Giacomo

Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung, Vol. 2 (2025), Iss. 2 : pp. 249–260

Read Now Download (PDF)

Additional Information

Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/vaw.2025.1457707
Language
German
Pages
12
Keywords

Author Details

Edoardo Beretta, Università della Svizzera italiana

Robert Bregy, City of Lugano

Giacomo Zucco, Plan ₿ Network

References

  1. 3Achain (2024): 3Achain. The “triple A” blockchain promoted by the City of Lugano. https://www.3achain.org/en/3achain/ (retrieved 07.11.2024).  Google Scholar
  2. Albisetti, S., Cattaneo, G., and Porrini, A. (2023): Fattispecie qualificate e criptovalute, Zeitschrift zur Rechtsetzung und Praxis im Gesellschafts- und Handelsregisterrecht, 3, 159–185.  Google Scholar
  3. Belmonte, S. M., Stodder, J., and Gelleri, C. (2022): Central bank digital currencies, community currencies, and the reinvention of money. https://cepr.org/voxeu/columns/central-bank-digital-currencies-community-currencies-and-reinvention-money.  Google Scholar
  4. Bharat, B. M., Tripathi, S., Kikani, V., Akhilesh, T., and Dixit, S. (2023): Crypto Currency Adoption in Emerging Market, International Journal of Research Publication and Reviews, 4(10), 1618–1621.  Google Scholar
  5. Boykov, A. and Suladze, T. (2024): What is the future of crypto in the banking sector? https://b2binpay.com/en/what-is-the-future-of-crypto-in-the-banking-sector/ (retrieved 07.11.2024).  Google Scholar
  6. Caddy, T. (2021): Tamper resistance, in: Van Tilborg, H. C. A. and Jajodia, S. (eds.): Encyclopedia of cryptography and security. Boston, Springer: 1278.  Google Scholar
  7. Città di Lugano (2023): Comunicato stampa – Lugano Plan B: un anno di presenza online trasversale, positiva e promettente (Lugano, 6 marzo 2023). https://www.lugano.ch/dam/jcr:25ddd2ce-432f-4c5a-8fe6-af9b0ca2f1e9/20230306-dati-online-plan-b.pdf (retrieved 07.11.2024).  Google Scholar
  8. Dai, Wei (1998): B-money. http://www.weidai.com/bmoney.txt (retrieved 07.11.2024).  Google Scholar
  9. Edme-Sanjurjo, D., Fois Duclerc, M., Lung, Y., Milanesi, J., and Pinos, F. (2020): The Eusko’s Trajectory. Hypotheses to Understand the Success of the Complementary Local Currency of the Northern Basque Country, International Journal of Community Currency Research, 24, 14–29.  Google Scholar
  10. Fulgur Ventures (2024): We invest in early stage startups focused on Bitcoin and the Lightning Network. https://fulgur.ventures/ (retrieved 07.11.2024).  Google Scholar
  11. Gelleri, C. and Stodder, J. (2021): Chiemgauer Complementary Currency – Concept, Effects, and Econometric Analysis, International Journal of Community Currency Research, 25, 75–95.  Google Scholar
  12. Gobierno de El Salvador (2021): Los ojos del mundo están sobre El Salvador, que inicia una nueva era en su economía con la circulación del bitcóin. https://www.presidencia.gob.sv/los-ojos-del-mundo-estan-sobre-el-salvador-que-inicia-una-nueva-era-en-su-economia-con-la-circulacion-del-bitcoin/ (retrieved 07.11.2024).  Google Scholar
  13. GoogleTrends (2024): Lugano. https://trends.google.de/trends/explore?date=all&q=lugano&hl=de (retrieved 07.11.2024).  Google Scholar
  14. Groppa, O. (2013): Complementary Currency and Its Impact on the Economy. International Journal of Community Currency Research, 17A, 45–57.  Google Scholar
  15. Jordan, T. (2019): Currencies, money and digital tokens – 30th anniversary of the WWZ and VBÖ, University of Basel. https://www.snb.ch/public/publication/en/www-snb-ch/publications/communication/speeches/2019/ref_20190905_tjn/0_en/ref_20190905_tjn.en.pdf (retrieved 07.11.2024).  Google Scholar
  16. Lightning Network (2024): Lightning Network. Scalable, instant Bitcoin/Blockchain transactions. https://lightning.network/ (retrieved 07.11.2024).  Google Scholar
  17. Lugano’s Plan ₿ (2022): Memorandum of understanding regarding a strategic collaboration. https://planb.lugano.ch/wp-content/uploads/2022/03/Memorandum-of-understanding.pdf (retrieved 07.11.2024).  Google Scholar
  18. Lugano’s Plan ₿ (2023): Plan ₿ Summer School. https://planb.lugano.ch/summer-school/ (retrieved 07.11.2024).  Google Scholar
  19. Mbalaka, B. (2023): The Finance Money Crisis and Cryptocurrencies: Is the US Dollar Hegemony in an Interregnum? Digital Policy Studies, 2(1), 9–22.  Google Scholar
  20. Melches, C. and Michael P. (2024): More money, more power: Big Techs in finance. Berlin, Finanzwende Recherche.Monnaie Léman (2024): LE LÉMAN VOTRE MONNAIE. https://monnaie-leman.org/ (retrieved 07.11.2024).  Google Scholar
  21. MyLugano (2024a): A new shopping experience in Lugano: innovative, local and rewarding. https://my.lugano.ch/en/ (retrieved 07.11.2024).  Google Scholar
  22. MyLugano (2024b): FAQ. https://my.lugano.ch/en/faq/ (retrieved 07.11.2024).  Google Scholar
  23. MyLugano (2024c): MyLugano. Welcome. Lugano, 12.07.2024 [mimeo].  Google Scholar
  24. Noi, M. (2022): INTERPELLANZA: Fuga in avanti del Municipio di Lugano sulle criptovalute? https://m4.ti.ch/user_librerie/php/GC/allegato.php?allid=149633 (retrieved 07.11.2024).  Google Scholar
  25. Petti, D. and Sergio, I. (2024): Bank Crisis Boosts Bitcoin Price, Journal of Risk and Financial Management, 17(4), 134.  Google Scholar
  26. Poelstra, A. (2015): On Stake and Consensus. https://cdn.nakamotoinstitute.org/docs/on-stake-and-consensus.pdf (retrieved 07.11.2024).  Google Scholar
  27. Prieto, P. P. (2022): The Institutional Evolution of Central Banks, Journal of Evolutionary Economics, 32, 1049–1070.  Google Scholar
  28. Rossiaud, J. (2018): E-leman: a local Blockchain currency in Switzerland and beyond. https://ripess.eu/en/e-leman-a-local-blockchain-currency-in-switzerland-and-beyond/.  Google Scholar
  29. Rotta, T. N. and Paraná, E. (2022): Bitcoin as a Digital Commodity, New Political Economy, 27(6), 1046–1061.  Google Scholar
  30. Seang, S. and Torre, D. (2021): Which Kind of Blockchain Application for Local Complementary Currencies? Revue économique, 72(4), 667–685.  Google Scholar
  31. State Secretariat for International Finance – SIF (2024): Automatic exchange of information on financial accounts. https://www.sif.admin.ch/sif/en/home/multilateral-relations/exchange-information-tax-matters/automatic-exchange-information/financial-accounts.html (retrieved 07.11.2024).  Google Scholar
  32. Swiss Confederation (2024): Swiss financial centre. https://www.eda.admin.ch/aboutswitzerland/en/home/wirtschaft/finanzplatz.html (retrieved 07.11.2024).  Google Scholar
  33. Swiss Confederation (2024): Swiss Financial Centre. https://www.eda.admin.ch/aboutswitzerland/en/home/wirtschaft/finanzplatz.html (retrieved 07.11.2024).  Google Scholar
  34. Swiss National Bank (2020): Projekt Helvetia. Abwicklung von tokenisierten Vermögenswerten in Zentralbankgeld. https://www.snb.ch/dam/jcr:980efe76-5376-4b4a-a496-c4b6000d8b70/project_helvetia_report.de.pdf (retrieved 07.11.2024).  Google Scholar
  35. Tether (2024): Tether token. https://tether.to/en/ (retrieved 07.11.2024).  Google Scholar
  36. TWINT (2024): About us. https://www.twint.ch/en/about-us/ (retrieved 07.11.2024).  Google Scholar
  37. Vasudeva, S. (2023): Cryptocurrency as An Investment or Speculation: A Bibliometric Review Study, Business Analyst Journal, 44(1), 34–50.  Google Scholar
  38. Von dem Berge, L. (2014): Parallel Currencies in Historical Perspective, CAWM Discussion Paper No. 75. Münster.  Google Scholar
  39. World Economic Forum (2018): Still don’t understand the blockchain? This explainer will help. https://www.weforum.org/agenda/2018/03/blockchain-bitcoin-explainer-shiller-roubini/ (retrieved 07.11.2024).  Google Scholar
  40. World Gold Council (2024): Volume III – After the Gold Standard, 1931–1999, 1936 October 28 – Table of currency devaluations in the United States and Europe following the devaluation the pound in 1931. https://www.gold.org/sites/default/files/documents/after-the-gold-standard/1936oct28a.pdf (retrieved 07.11.2024).  Google Scholar

Abstract

Der vorliegende Beitrag untersucht – zum ersten Mal in der Wirtschaftsliteratur – das monetäre Experiment namens Lugano’s Plan ₿, das die Stadt Lugano (Schweiz) seit März 2022 durchführt und das aus einer öffentlich-privaten Partnerschaft mit einem Global Player wie Tether auf dem Stablecoinmarkt besteht. Neben der Anregung einer lebhaften öffentlichen Debatte über Zahlungsmethoden und der Förderung von Bildungsinitiativen hat die Stadt Lugano auch LVGA, nämlich einen lokalen Zahlungstoken auf Grundlage der Blockchain-Technologie, geschaffen, der de facto einen an den Schweizer Franken gekoppelten Stablecoin darstellt. Die vorliegende Fallstudie bietet weitere Einblicke in die lokale Erfahrung von Lugano und könnte ein Beispiel für „Best Practices“ repräsentieren, die von der Wirtschaftsliteratur in Zukunft weiter untersucht werden könnten.

Table of Contents

Section Title Page Action Price
Edoardo Beretta / Robert Bregy / Giacomo Zucco: From Bitcoin to Stablecoins and their Contribution to the Monetary Landscape: The Case of Lugano’s Plan ₿ 249
Summary 249
Zusammenfassung 249
1. Introduction 250
2. The case of Lugano’s Plan ₿ 251
2.1 Creation of a Swiss Franc-Pegged Stablecoin through a Proof of Authority (PoA) Blockchain 251
2.2 Statistical Evidence from Lugano’s Plan ₿: Results of the Quantitative and Qualitative Analysis 254
2.3 Lugano’s Plan ₿ Other Public-Private Initiatives 256
2.4 Research Limitations and Future Perspectives 257
3. Conclusion 257
References 258

Contact

Duncker & Humblot GmbH Carl-Heinrich-Becker-Weg 9 12165 Berlin, Deutschland T: +49 30 790006-0

Quick Navigation

2025 Duncker & Humblot GmbH

Powered by CloudPublish

We use cookies to ensure that you get the best experience on our website. Learn more about how we use cookies.