Citizens of the Swiss canton of Zug can now pay taxes using Bitcoin

Wednesday 24 February 2021 12:49 CET | News

The Swiss canton of Zug, one of 26 ’canton’ states in Switzerland, has announced that citizens and businesses can now pay taxes using Bitcoin.

As of mid-February 2021, companies and citizens in the canton of Zug can pay their taxes up to an amount of CHF 100,000 with Bitcoin or Ethereum. Zug's finance director Heinz Tännler explained that it was important for Zug to promote and simplify the use of cryptocurrencies in everyday life. Whoever wishes to use this offer, must have the necessary QR code sent to them by mail by the tax authorities. The payments, which are immediately converted into Swiss francs, are processed by the local service provider Bitcoin Suisse.

According to Frankfurter Allgemeine Zeitung, this area south of Zurich has long been known for its low tax rates and is now standing out for its pioneering role in the field of digital currencies and blockchain technology. The influx of digital developers made the region at the Lake Zug known as the “crypto valley”.


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Keywords: cryptocurrency, Bitcoin, Ethereum, product launch
Categories: DeFi & Crypto & Web3
Countries: Switzerland
This article is part of category

DeFi & Crypto & Web3