Lugano Switzerland Integrates Polygon’s PoS Protocol into MyLugano Payment App, Furthering Crypto Adoption and NFT Initiatives

Lugano Switzerland Integrates Polygon’s PoS Protocol into MyLugano Payment App, Furthering Crypto Adoption and NFT Initiatives

Crypto News – Polygon, a long-standing partner of the Swiss city since at least 2022, has played a crucial role in providing the infrastructure for its stablecoin.

The city of Lugano, located in the heart of Italian-speaking southern Switzerland and known as its economic capital, is taking a significant step towards embracing cryptocurrencies. Lugano is set to integrate the Polygon proof-of-stake (PoS) protocol into its crypto-friendly payment application, MyLugano.

The latest update to MyLugano, as announced on Polygon Labs’ website on November 22, introduces a versatile multichain digital wallet for users to securely store their cryptocurrencies. The press release also hints at the integration of “several tokens” within this wallet section, with plans to incorporate even more in the future.

Polygon, a network provider facilitating tens of thousands of decentralized applications and securing assets worth $5 billion, has been a strategic partner of Lugano since at least 2022. In this capacity, Polygon has supported the city’s stablecoin, LVGA, by providing essential infrastructure.

In addition to the technological enhancements, MyLugano is making strides in the world of nonfungible tokens (NFTs). The app is launching a dedicated NFT collection featuring the artwork of Yuri Catania. This collection includes NFT versions of a monumental 40-meter-long, 8-meter-high art piece displayed on the wall of the Palazzo dei Congressi, and these NFTs will be tokenized on the Polygon network.

Lugano has emerged as a global leader in crypto adoption. MyLugano, developed in collaboration with stablecoin issuer Tether, caters to a substantial user base of 30,000 individuals, representing nearly half of the city’s population. It empowers users to make transactions with local small and medium-sized businesses using digital currencies.

Back in March 2022, Lugano established a Center of Excellence for Blockchain Adoption in partnership with Tether, aiming to position itself as a major European blockchain hub. The city administration is actively working to enable citizens and companies to pay taxes using cryptocurrencies in the near future, with the ultimate goal of making crypto as widely accepted as fiat currency for all goods and services.

Despite these efforts, it’s worth noting that Lugano won’t be the first Swiss city to allow cryptocurrency tax payments, as the canton of Zug and the city of Zermatt have already embraced this innovative payment method.