The Swiss canton of Zug now allows its residents to pay taxes in cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
Bitcoin Suisse, a local cryptocurrency broker that enabled the new opportunity in partnership with the canton, ad on February 17 that the cryptocurrency payment option was launched this week.
The Zug canton administration posted an official memorandum for the new tax payment option on its official website, providing detailed video instructions for paying tax bills with cryptocurrencies.
“This step forward for the adoption of cryptocurrencies has been made possible thanks to the pioneering work of the cantonal tax office of Zug using the Bitcoin Suisse Crypto Payments solution. It is another sign of innovation in Blockchain Nation CH ”, wrote Bitcoin Suisse.
The canton of Zug initially announced its plans to start accepting cryptocurrencies for tax payments in September 2020., offering the new payment option to local businesses and individuals.
Widely known as the “Crypto Valley” for its positive stance towards cryptocurrencies, the canton of Zug began experimenting with crypto payments about five years ago.. In May 2016, the city of Zug piloted Bitcoin payments for public services with a payment limit of up to 200 francs.
Zug is not the first location in Switzerland to support crypto tax payments. Zermatt, a district municipality of the canton of Valais, implemented a Bitcoin tax payment option in partnership with Bitcoin Suisse in January 2020.