The Swiss canton of Zug simplifies visualizing a world in which cryptocurrency users are firmly dominant.
The canton, nicknamed “Crypto Valley” for its positive attitude towards cryptocurrencies, will start allowing residents to pay taxes in Bitcoin (BTC) and Ether (ETH).
As reported by Bloomberg on September 3, “The fee calculation using cryptocurrency will be available to both companies and individuals for up to 100,000 Swiss francs ($ 109,670).”
Approximately 127,000 people live in an area that previously made it easy to accept Bitcoin payments for select public services.
A new, wider step towards adopting cryptocurrency fees has been taken thanks to the partnership between the canton and Bitcoin Suisse AG in Zug.
Bitcoin Suisse previously partnered with the Swiss government in Zermatt to allow taxpayers in the region to use Bitcoin as a payment method.
Bitcoin founder Swiss Niklas Nikolajsen told reporters, “There is nothing controversial about Bitcoin trading anymore. It’s very popular.”
He said Bitcoin’s strong confrontation during the coronavirus pandemic is likely to boost the currency’s resilience and longevity in a rapidly changing economic landscape.
Despite this prospect, in the immediate aftermath of the COVID-19 crisis, local cryptocurrency companies ran into difficulties. The Swiss federal government recently rejected a request of 100 million francs from the canton of Zug to help keep the local crypto business in place.