In the Swiss canton of Zug, taxes can soon also be paid in Bitcoin.
The Swiss canton of Zug is gradually making a world in which cryptocurrencies are used in everyday life a reality
The canton, which has earned the nickname “ Crypto Valley ” because of its supportive attitude towards the crypto industry , will enable its citizens to pay their taxes in the form of the crypto currencies Bitcoin Profit and Ether ( ETH ) in the future .
According to a Bloomberg article dated September 3, “tax payments in the form of cryptocurrencies will be possible for both companies and private individuals up to an amount of CHF 100,000”.
The region, in which almost 127,000 people live, has previously made payments via Bitcoin possible for other official purposes.
The Bitcoin tax payments have now been implemented through a partnership with Bitcoin Suisse AG, which is based in Zug
Bitcoin Swiss has previously entered into a similar partnership with the tax office of Zermatt in order to set up tax payments via Bitcoin for local citizens.
Niklas Nikolajsen, the founder of Bitcoin Suisse, was recently optimistic when he told the press that „Bitcoin trading is actually nothing unusual anymore, but totally mainstream“.
Nikolajsen is convinced that the Corona crisis has additionally highlighted the advantages of the market-leading cryptocurrency and has made Bitcoin all the more attractive in a changing economy.
Despite this positive outlook for the future, many crypto companies in Switzerland were hit hard by the Corona crisis . In this context, the country’s government had also rejected a 100 million Swiss franc aid package that was supposed to help the industry make ends meet.