Swiss canton of Zug starts accepting tax payments in cryptocurrency

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The Swiss canton of Zug now permits its residents to pay taxes in cryptocurrencies like Bitcoin (BTC) and Ether (ETH).

Bitcoin Suisse, an area crypto dealer that enabled the brand new alternative in partnership with the canton, announced Feb. 17 that the crypto fee choice has rolled out this week.

The administration of the canton of Zug placed an official memo for the brand new tax fee choice on its official web site, offering detailed video directions for paying tax payments with crypto.

“This step ahead for crypto adoption has been enabled by the pioneering work from the Zug cantonal tax workplace utilizing the Bitcoin Suisse Crypto Funds resolution. It’s one more signal of innovation in Blockchain Nation CH,” Bitcoin Suisse wrote.

The canton of Zug initially announced its plans to start accepting crypto for tax fee in September 2020, providing the brand new fee choice to native firms and people.

Broadly known as the “Crypto Valley” for its constructive stance in the direction of crypto, the canton of Zug began experimenting with crypto funds about 5 years in the past. In Could 2016, the town of Zug piloted Bitcoin payments for public services with a fee restrict of as much as 200 francs.

Zug shouldn’t be the primary location in Switzerland to assist crypto tax funds. Zermatt, a municipality within the district within the canton of Valais, rolled out a Bitcoin tax payment option in partnership with Bitcoin Suisse in January 2020.