Zug, a well-known Swiss financial hub long associated with the country’s tax haven reputation, kicked off the initiative during a local government hearing on 3rd May. Payments will go live on 1st July 2016 and run through the rest of the year.
The idea is not a new one, though the Zug pilot is certainly one of those cases in which the concept moves from the drawing board to the testing lab. Cities and states have toyed with the notion in past years, though in many cases the idea simply did not catch on.
The move is perhaps slightly less surprising given the proximity of several digital currency startups in the region. Companies like Xapo, ShapeShift and Monetas are among several located in and around Zug.
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