The Swiss canton of Zug now allows its residents to pay taxes in cryptocurrencies (BTC) and ether (ETH).
Bitcoin Suisse, a local crypto broker offering a new opportunity in partnership with the canton, Advertise On February 17th, a cryptocurrency payment option was introduced this week.
The Canton of Zug administration has placed an official memo on the new tax payment option on its official website, providing detailed video instructions for paying tax bills using cryptocurrencies.
“This step forward for cryptocurrency adoption was enabled by the pioneering work of the Zug County Tax Office using the Bitcoin Suisse Crypto Payments solution. It is another sign of innovation in Blockchain Nation CH,” Bitcoin Suisse Wrote.
Canton Zug initially announced plans to start accepting cryptocurrencies for tax payment in September 2020, introducing a new payment option for local businesses and individuals.
Widely referred to as the “Crypto Valley” for its positive attitude towards cryptocurrencies, Canton Zug began experimenting with crypto payments about five years ago. In May 2016, the city of Zug experimented with Bitcoin payments for public services with a payment limit of 200 francs.
Zug isn’t the first site in Switzerland to support cryptocurrency tax payments. Zermatt, a municipality in the Canton of Valais, launched the option to pay Bitcoin taxes in partnership with Bitcoin Suisse in January 2020.