‘Crypto Valley’ residents will have the possibility to pay taxes in Bitcoin

The Swiss canton of Zug tries all its best to make easier to imagine a world in which cryptocurrency users will be the most popular ones.

The canton which has got the title of “Crypto Valley” for its positive stance towards cryptocurrencies has connected the option enabling the citizens to pay taxes in Bitcoin (BTC) and Ether (ETH).

Based on the information from Bloomberg, “tax settlement by means of crypto currency will be available to both companies and private individuals up to an amount of 100,000 Swiss francs ($109,670).”

Taking into account that around 127,000 people live in the region, the government has recently introduced some steps related to the acceptance of Bitcoin payments for selected government services.

The new, significantly important step in the acceptance of taxes in crypto  became possible after a partnership between the canton and Zug based crypto broker Bitcoin Suisse AG.

Bitcoin Suisse has recently cooperated with Swiss authorities in Zermatt to provide taxpayers in that region the possibility to use Bitcoin as a means of payments.

Bitcoin Suisse founder Niklas Nikolajsen mentioned that “there’s almost nothing controversial about trading Bitcoin anymore. It’s completely mainstream.”

In his view, Bitcoin’s strong rally during the coronavirus pandemic is sure to reinforce the case for the currency’s resilience and longevity amid a rapidly changing economic landscape.

Despite this horizon, in the immediate aftermath of the COVID-19 crisis, local cryptocurrency companies have suffered harsh times. The Swiss federal government recently denied a 100 million franc request by the canton of Zug in the aim to support local crypto companies.

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