The Swiss canton of Zug is now allowing residents to pay taxes in cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
Bitcoin Suisse, a local cryptocurrency broker that has provided a new opportunity in collaboration with the canton, announced on February 17 that a payment option for cryptocurrency had been launched this week.
The administration of the canton of Zug posted on its official website an official note on the new tax payment option, which provides detailed video instructions on how to pay tax bills using cryptocurrencies.
“This step toward the adoption of cryptocurrency was made possible by the groundbreaking work of the Zug County Tax Office using the Bitcoin Suisse Crypto Payments solution. This is another sign of innovation in Blockchain Nation CH, “writes Bitcoin Suisse.
Canton Zug originally announced plans to begin accepting cryptocurrencies for tax in September 2020, and introduce a new payment option for local businesses and individuals.
Canton Zug, known as the “Crypto Valley” because of its positive attitude toward cryptocurrencies, began experimenting with cryptocurrency payments about five years ago. In May 2016, the city of Zug experimented with bitcoin payments for public services with a payment limit of 200 francs.
Zug is not the first place in Switzerland to support cryptocurrency tax payments. Zermatt, a municipality in Valais, launched the possibility to pay taxes on bitcoins in collaboration with Bitcoin Suisse in January 2020.