Swiss Canton of Zug Begins Accepting Tax Payments in Bitcoin and Ether

Swiss Canton of Zug Begins Accepting Tax Payments in Bitcoin and Ether

Residents of Zug, Switzerland, can now pay off their tax liabilities with Bitcoin (BTC) and Ether (ETH).

As part of the initiative, the authorities are collaborating with the cryptocurrency company Bitcoin Suisse, which will convert digital payments of residents into local francs and transfer them to the treasury.

To pay taxes in a new way, it is enough to scan the QR code and send a transaction from any wallet. However, no more than 100 thousand Swiss francs (about $ 110 thousand) can be transferred this way.

This way of paying taxes is not new to Switzerland. Since 2016, the tax office of the city of Zug has started accepting cryptocurrency payments. Later, the municipalities of Zermatt and Chiasso added similar methods of paying small amounts.

Despite the convenient opportunity, during the current market growth, this method of settlement with the state will most likely not be in great demand.

, Getty Images

Swiss Canton of Zug Begins Accepting Tax Payments in Bitcoin and Ether

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