Lugano, known as the economic hub of Italian-speaking southern Switzerland, is set to incorporate the Polygon proof-of-stake (PoS) protocol into its crypto-friendly payment application, MyLugano.
As per the announcement on the Polygon Labs website dated November 22, the latest version of MyLugano will include a multichain digital wallet designed for personal custody. The press release highlights the integration of “several tokens” into this section of the app, with plans to expand this offering.
Polygon, which supports tens of thousands of decentralized applications and secures assets worth $5 billion, has been collaborating with Lugano since at least 2022. During this period, Polygon became a key infrastructure partner for Lugano’s stablecoin, LVGA.
The announcement also revealed the launch of a new nonfungible token (NFT) collection by MyLugano, showcasing the artwork of Yuri Catania. This collection features an NFT rendition of Catania’s large-scale artwork displayed on the wall of the Palazzo dei Congressi, which will be tokenized using the Polygon network.
Lugano stands out as a global frontrunner in cryptocurrency adoption. The MyLugano app, developed in partnership with stablecoin issuer Tether, is used by approximately 30,000 people, nearly half of the city’s population. It facilitates payments in digital currencies to local small and medium-sized businesses.
In March 2022, Lugano launched a Center of Excellence for Blockchain Adoption in collaboration with Tether, aiming to transform the city into a significant blockchain hub in Europe. The city’s administration is working towards allowing citizens and businesses to pay taxes in cryptocurrency, with the broader objective of accepting crypto for all goods and services, akin to fiat currency.
While Lugano is making significant strides in crypto integration, it is not the first Swiss city to adopt cryptocurrency for tax payments. Both the canton of Zug and the city of Zermatt have already implemented such systems.
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