Residents located in the canton of Zug, one of the 26 cantons in the European country, will be able to use Bitcoin and Ethereum to pay their cantonal taxes as of this week. This comes just months after the canton partnered with Bitcoin Suisse to enable the innovative initiative.
- CryptoPotato reported the partnership between the two parties in September 2020. At the time, Bitcoin Suisse, the crypto broker headquartered in the same canton, agreed to convert the BTC and ETH holdings to Swiss francs to avoid any incurring losses due to price volatility.
- The initiative became official as of earlier this week, as Bitcoin Suisse announced on its Twitter account.
- The crypto broker explained that residents have to notify the authorities that they would like to pay with digital assets upon receiving the tax invoice. After getting instructions via email, they can execute the payment by simply scanning the provided QR code. The simplified process ends once the taxpayers receive a confirmation email.
- Bitcoin Suisse described this milestone as a “step forward for crypto adoption.” The Swiss-based organization also highlighted it as “yet another sign of innovation in Blockchain Nation CH!”
- Enabling citizens to pay their taxes with crypto is not the first pro-BTC initiative attempted by the northern town of Zug. Back in 2016, the canton started receiving bitcoin payments for several city services, including public utilities.
Source: Crypto Potato