Lugano Partners with Polygon for Crypto Expansion
In a groundbreaking move, the city of Lugano, Switzerland’s economic powerhouse, has announced the integration of the Polygon proof-of-stake (PoS) protocol into its MyLugano app. This decision marks a significant step in Lugano’s journey to becoming a global leader in cryptocurrency adoption.
MyLugano App Goes Multichain
Polygon Labs revealed on November 22 that the updated MyLugano app now features a multichain digital wallet, allowing personal custody of various cryptocurrencies. With this integration, users can expect a seamless experience in managing multiple digital assets.
Polygon: A Long-Term Partner in Lugano’s Crypto Vision
Polygon, known for its network that supports thousands of decentralized applications and secures assets worth over $5 billion, has been collaborating with Lugano since at least 2022. It initially partnered with the city to provide infrastructure for Lugano’s stablecoin, LVGA.
A New NFT Collection Celebrating Art
Lugano’s foray into the NFT space includes a unique collection featuring the work of artist Yuri Catania. This collection will tokenize a large-scale art installation located in the Palazzo dei Congressi, further bridging the gap between art and blockchain technology.
Pioneering Crypto Adoption in Lugano
The MyLugano app, developed with Tether, is a testament to Lugano’s commitment to integrating cryptocurrency into everyday life. Serving nearly half of the city’s population, the app facilitates payments to local businesses in digital currencies.
Lugano’s Future in Blockchain and Cryptocurrency
With its plans to allow tax payments in cryptocurrency and its ambition to make crypto as widely accepted as fiat currency, Lugano is positioning itself as a major European blockchain hub. This initiative is part of a broader strategy to embrace blockchain technology and digital currencies at a municipal level.
Swiss Cities Leading the Way in Crypto Tax Payments
While Lugano’s initiatives are pioneering, it is not the only Swiss city embracing cryptocurrency for tax payments. The canton of Zug and the city of Zermatt have already implemented similar systems, showcasing Switzerland’s progressive stance on digital currencies.
