The canton of Zug, Switzerland, starts accepting taxes using cryptocurrencies such as BTC and ETH

The Swiss canton of Zug now allows its residents to pay taxes using cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

Bitcoin Suisse, a cryptocurrency broker in cooperation with the canton of Zug, announced on February 17 that cryptocurrency payment options had been launched this week.

The Zug cantonal government has published an official memo on the new taxation options on its official website, providing detailed video instructions on using cryptocurrency to pay taxes.

Bitcoin Suisse stated: “The pioneering work of the Zug State Taxation Office using Bitcoin Suisse’s encrypted payment solution has taken the first step forward in the adoption of cryptocurrency. This is another innovative symbol of Blockchain Nation CH.”

The canton of Zug initially announced that it plans to accept cryptocurrency for tax payments starting in September 2020, providing new payment options for local companies and individuals.

The canton of Zug is widely known as the “crypto valley” because of its positive attitude towards cryptocurrencies, and Zug began experimenting with cryptocurrency payments about five years ago. In May 2016, the city of Zug tried to use Bitcoin to pay for public services, with a payment cap of 200 francs.

Zug is not the first region in Switzerland to support the use of cryptocurrency to pay taxes. In January 2020, Zermatt of Valais and Bitcoin Suisse of Switzerland launched a Bitcoin taxation option.

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.