March 28, 2024

Swiss Canton of Zug Begins Accepting Tax Payments in Bitcoin and Ether

Swiss Canton of Zug Begins Accepting Tax Payments in Bitcoin and Ether

Residents of the Swiss municipality of Zug can now pay their tax obligations using Bitcoin (BTC) and Ethereum (ETH).

As part of the initiative, the authorities are collaborating with cryptocurrency company Bitcoin Suisse, which will convert digital payments from residents into local francs and transfer them to the treasury.

To pay taxes in a new way, it is enoughscan the QR code and send the transaction from any wallet. However, no more than 100 thousand Swiss francs (about $ 110 thousand) can be transferred this way.

This way of paying taxes is nota novelty for Switzerland. Since 2016, the tax office of the city of Zug has started accepting cryptocurrency payments. Later, the municipalities of Zermatt and Chiasso added similar methods of paying small amounts.

Despite the convenient opportunity, during the current market growth, this method of settlement with the state will most likely not be in great demand.

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