Switzerland is known for its embracement of all things Blockchain technology for many years – the infamous “Crypto Valley” is based there as well as many Blockchain and Crypto companies. The city of Lugano, nestled in the picturesque landscape of southern Switzerland, is not merely embracing the crypto revolution; it is actively sculpting its financial landscape with blockchain innovation. Central to this transformation is the LVGA token, a stablecoin exclusively designed for local use within the city. Unlike the speculative nature of many cryptocurrencies, LVGA operates with a fixed exchange rate of 100 LVGA to 1 CHF, offering stability by being pegged to the Swiss franc and supported by the City’s monetary reserves.
The MyLugano app serves as the gateway for users to seamlessly purchase and collect LVGA tokens, leveraging the 3Achain blockchain network for efficient and secure transactions. With a commitment to promoting local spending, LVGA can be earned through cashback rewards while patronizing affiliated businesses. This unique local stablecoin, operating on the ERC-20 standard, becomes a testament to Lugano’s commitment to fostering a robust and stable financial ecosystem.
In the broader context of Plan ₿, Lugano envisions itself as a trailblazing European crypto hub, where cryptocurrencies stand on equal footing with traditional payment methods. The initiative unfolds through the implementation of a user-friendly blockchain infrastructure that permeates all aspects of city life, from small local enterprises to larger corporations and public services. Merchants participating in the ‘My Lugano circuit’ program can now seamlessly integrate crypto payments into their operations, thanks to GoCrypto’s smart POS terminals supporting BTC, USDT, and the LVGA token.
The partnership with Tether and 3Achain is instrumental in propelling Lugano’s blockchain ambitions forward. Tether, renowned for its stablecoin tied to the US Dollar, collaborates with 3Achain to manage a validator node for the city’s native LVGA token. This collaboration enhances the scalability and stability of Lugano’s blockchain infrastructure, positioning the city as a beacon for crypto adoption.
Inspired by El Salvador
Inspired by the progressive approach of El Salvador, Lugano introduced not just Bitcoin but also USDT Tether and the LVGA token as legal tender. This move aims to solidify cryptocurrencies as viable means of payment for taxes, goods, and services within the city. Aligning with this commitment is the city’s ambitious educational initiative, offering over 500 scholarships to students, enabling them to delve into the intricacies of cryptocurrencies and Decentralized Finance (DeFi). In doing so, Lugano is not only embracing the crypto wave but is actively nurturing a community that understands and participates in the future of finance.