As per the latest news, the Swiss Canton of Zug has a huge announcement for its citizens. The Swiss Canton of Zug has reportedly allowed its residents to make tax payments in cryptocurrencies. The Swiss Canton of Zug has revealed that the residents will be able to pay taxes through Ethereum (ETH) and Bitcoin (BTC).
The firm that had made this possible for the residents of the Swiss Canton of Zug is Bitcoin Suisse, which is a local crypto broker in Switzerland. The firm has recently gotten into a partnership with canton and made the official announcement around the partnership on February 17, 2021.
Bitcoin Suisse platform has revealed that the service for paying taxes has been introduced at the beginning of the week. In addition to Bitcoin Suisse, the Swiss Canton of Zug has officially announced the launch of the service. Canton of Zug has confirmed the launch of the tax-paying service through their website.
In addition to the notification on the website, the Swiss Canton of Zug has also released a video for the new service. The video provides a detailed demonstration of making tax payments through the new platform that the users can use to make payments through cryptocurrencies.
The step into cryptocurrency adoption in the federal sector has been taken by the Zug Cantonal Tax Office. The Zug Cantonal Tax Office recently partnered with Suisse Capital to achieve another breakthrough in the blockchain sector.
It was back in September 2020 when the Swiss Canton of Zug announced the launch of the cryptocurrency-powered platform for tax payments in the region. The firm announced that it was in the process of offering the service to both the locals as well as companies in the region.
The Swiss Canton of Zug is referred to as the “Crypto Valley” in Switzerland. Ever since the launch of the cryptocurrency industry, Switzerland has appeared to be very supportive and welcoming towards it. The Canton of Zug started working on the project to introduce payments through cryptocurrencies more than five years ago.
It has been several years that the Swiss Canton of Zug has experimented with cryptocurrencies. It was back in 2016 when the Swiss Canton of Zug piloted a payment service for cryptocurrencies and let the citizens interact with it. At that time, the pilot conducted by the Swiss Canton of Zug was for Bitcoin payment services for the locals.
At the time of the pilot, the citizens were allowed to process transactions in as much as 200 francs. Zug is not the only zone in Switzerland that has adopted the cryptocurrency payment platform for the users. Before Zug, it was Zermatt that had rolled out the Bitcoin tax payment option for its citizens back in January 2020.