Tag: LVGA
LVGA are the official local payment token of the City of Lugano. They are managed within a digital wallet inside the MyLugano App and are powered by blockchain technology.
LVGA can be spend only within the MyLugano circuit, purchased inside the app or earned when shopping locally at affiliated shops.
Through the cashback mechanism the discount is credited to MyLugano Card owners not as a reduction in the purchase price but as a credit in LVGA. The token are credited with a payment transaction directly in the user app by the merchant at the local shop as a percentage of the total purchased value. The percentage is equal to 10% for MyLugano card users and 5% for MyLugano Pass users.
Token cannot be reedemed against other crypto currencies or exchanged back in Swiss Francs but only spend inside the local circuit. The only purpose of LVGA is to incentivize shopping on a local level. Unlike other cryptos LVGA have value only within the City circuit where they were approved by the FINMA (Swiss Financial Market Regulator) as an alternative digital way of payment with the same value of Swiss Franc. token can be assimilated to a stablecoin because their value is stable and pegged to the Swiss Franc with a fixed exchange rate equal to
