Switzerland’s City Lugano Integrates Polygon to Its Crypto Payment App
Decentralized protocol Polygon has been working with the Swiss city of Lugano since 2022. The blockchain network is offering a technical framework for a new stablecoin project. Lugano is an Italian-majority region of southern Switzerland.
Multi-chain Wallet Feature of MyLugano
The region has integrated Polygon a Proof-of-Stake protocol in the blockchain-based payment application called MyLugano. As per a new announcement, the latest version of the application offers a multi-chain wallet for private storage.
The official notification posted on the website of the blockchain protocol also informs that various tokens are already integrated into the application and the firm plans to add more. Polygon has set up a $5 billion fund to support millions of decentralized applications.
Polygon has been working with the Swiss region since 2022. The firm joined the administration as infrastructure support for its latest stablecoin project named LVGA.
Lugano Officials to Release a New NFT Project with Polygon
In addition to the stablecoin project, Polygon is also offering support for the Swiss region to publish a new NFT project. The NFT will be tokenized on Polygon Network and posted on the wall of Palazzo dei Congressi.
Lugano is one of the leading regions around the globe in terms of its blockchain-friendly policies and development. MyLugano app is generating in associated with stablecoin issuer Tether that currently serves around 30 thousand users accounting for 50% of its total population.
The application is working on processing payments for small and medium-sized digital currency investors trading natively in the region. In 2022, Lugano government established a Center of Excellence directed towards blockchain integration and promotion in tandem with Tether.
The initiative intended to elevate the region as the top blockchain hub in Europe. The administration also made plans to allow tax payments in the form of cryptocurrencies.
Crypto Payment Adoption
Administrators from Lugano are working on making cryptocurrency payments as common and feasible as fiat currencies in the region. The local body is working on bringing policies to encourage blockchain businesses dealing in digital currency services and goods.
However, it is not the only Swiss city that is working towards adding crypto trading profits to settle taxable income. Other administrative regions in the country are also working on enabling tax payments in the form of cryptocurrencies such as canton of Zug and Zermatt.
Canton of Zug has enabled payments in Bitcoin and Ethereum. To enable the locals to pay their taxes in cryptocurrencies the administration has partnered with Bitcoin Suisse. Therefore, the city administration enabled tax payments since February this year.
The city also enabled payments for public in 2016 in Bitcoin with a maximum limit of 200 francs. In the same manner, municipality Zermatt a district in Valais enabled Bitcoin tax payments in association with Bitcoin Suisse in 2020.
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