Europe's Most Crypto-Friendly City Adds Polygon PoS Support to Its Payment App

Europe’s Most Crypto-Friendly City Adds Polygon PoS Support to Its Payment App

Time Stamp: November 24, 2023 2:09 AM
Source Node: 2396913

The Swiss city of Lugano has taken a significant step in embracing blockchain technology by integrating Polygon’s Proof of Stake (PoS) into its MyLugano payment application. This integration marks a milestone for Lugano, known as Europe’s most crypto-friendly municipality, in its journey towards becoming a blockchain hub.

According to a blog post by Polygon Labs, MyLugano, an award-winning app recognized with the IEEE Smart City Award, has been instrumental in connecting nearly half of Lugano’s population, approximately 30,000 users, with the city’s loyalty program through its stablecoin, LVGA. The latest update to MyLugano not only enhances its capabilities as a local payment tool but also opens up a world of possibilities for its users by providing access to the vast array of decentralized applications available on the Polygon network.

The updated app now includes an asset section, catering especially to the more seasoned users in the crypto space. This section allows users to activate and manage a multi-chain digital wallet for personal custody. It currently supports several tokens, with plans to expand this offering in the future.

Lugano’s vision extends beyond the app, aiming to transform the picturesque lakeside town into Europe’s blockchain capital. The city’s ambitious plan includes allowing the use of Bitcoin, Tether, and LVGA for various payments, such as taxes, parking tickets, public services, and even student tuition fees. This initiative is a significant step towards the adoption of cryptocurrencies as legal tender in the city, with Polygon PoS playing a crucial role in facilitating some of these transactions.

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In a blend of art and technology, MyLugano is also launching a unique NFT collection in collaboration with Lugano Living Lab. The collection, titled “LVGA/XY Flowers,” features the work of artist Yuri Catania. This 40-meter long and 8-meter high artwork, created using the paste-up technique, is set to transform into a living green space with over 2,000 paper flowers being planted. Additionally, the artwork will be immortalized as NFTs on the Polygon network, signed by the artist and distributed to participants involved in its creation.

The MyLugano app, a brainchild of a partnership between the city of Lugano and Tether, the stablecoin giant, is revolutionizing local commerce for nearly 30,000 residents, accounting for almost half the city’s populace. This innovative platform is streamlining the way digital currencies are used in transactions with local small and medium enterprises.

According to a report by Cointelegraph, March 2022 marked a pivotal moment for Lugano with the inauguration of its Center of Excellence for Blockchain Adoption, a venture co-created with Tether. This initiative is a bold step in Lugano’s quest to emerge as a prominent blockchain epicenter in Europe. The city’s leadership is not just stopping there; they’re on a mission to integrate cryptocurrencies into the fabric of everyday financial transactions, starting with tax payments. The grand scheme is to elevate cryptocurrencies to a status akin to that of conventional fiat money, making them a commonplace option for all sorts of purchases and services.

While Lugano’s strides in this domain are commendable, it’s interesting to note that it’s not the first Swiss city to break ground in accepting cryptocurrencies for tax settlements. That honor belongs to the canton of Zug and the city of Zermatt, who have already ventured down this path.

Featured Image via Pixabay

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