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 government’s initiative cooperate 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..

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

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

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

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

text: Ivan Malichenko, photo: Getty Images

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