Switzerland's City Takes a Step Towards Crypto

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Switzerland’s City Takes a Step Towards Crypto

The City of Lugano has made an update on the MyLugano payment app, allowing citizens of the city to make payments throughout the Polygon ecosystem.
The integration expands the offerings of the innovative local payment tool and further recognizes Polygon’s superiority in the industry.

The City of Lugano has through an update of its MyLugano payment app, announced the integration of Polygon PoS. Following this upgrade, residents of what has been deemed ‘Europe’s most crypto-friendly municipality’ will be able to explore the Web3 ecosystem on Polygon PoS.

The Swiss city of Lugano launched the crypto-friendly app a few years ago, allowing citizens to make various payments such as parking fees, taxes, public services, and student tuition fees, using select digital assets such as Tether, Bitcoin, and LVGA – Lugano’s own stablecoin. With the latest update, Polygon’s MATIC token joins this elite list of tokens available to the 30,000 users who access the multichain cryptocurrency wallet. Polygon PoS will be providing the rails on which some of the transactions will run.

The Swiss region has been a pioneer of crypto adoption with the rest of Europe taking a slow and cautious approach. However, the success of Lugano could easily spark a new financial revolution that expands into the rest of Switzerland and the entire European bloc. Notably, as CNF recently reported, German lawmaker Joana Cotar is drafting plans that will see the country recognize Bitcoin as a legal tender.

In addition, major financial institutions in the region have been getting approval to offer crypto services. Governments in the region are beginning to embrace crypto technology and aiming to keep up with Asia and America in technological innovation. Unfortunately for the crypto community, a number of countries are also working on CBDCS with the EU bloc going as far as drafting plans for a digital Euro.

Polygon (MATIC) Poised to Hit New ATH

In the wake of Polygon’s integration into Lugano, MATIC has posted a negative marginal change in the last 24 hours. Its poor performance is by large credited to the recent legal woes surrounding the Binance crypto exchange. With a change of less than 3 percent, MATIC has defended its local support to trade above $0.755265 at the time of press.