March 4, 2021

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Swiss Canton of Zug to Start Accepting BTC and ETH for Tax Payments

2 min read

According to Bitcoin Suisse, this week (Feb 15 – 19), the Swiss Canton of Zug will start accepting cryptocurrencies bitcoin (BTC) and ethereum (ETH) for cantonal tax payments.

The Zug cantonal tax office has enabled this crypto adoption using the Bitcoin Suisse Crypto Payments solution, the announcement read.

An accompanying video shows how Swiss crypto-enthusiasts can use their BTC or ETH to pay their taxes. Taxpayers should indicate they want to pay with crypto when they get their tax invoice.

Afterward, they will receive an e-mail with a QR code they should scan using a crypto wallet of their choice to confirm the payment. 

Das ist Zug

It’s only natural that this legislation would be passed here. The first blockchain companies arrived in Zug in 2013. Since then, the area has affectionately been dubbed “Crypto Valley.” Switzerland has provided a unique environment for blockchain and cryptocurrencies to flourish at an early stage. 

Perhaps one endearing aspect for crypto enthusiasts is Switzerland’s decentralized system. The confederate system enables Swiss cantons to have high amounts of autonomy. Apart from providing a stable legal environment, crypto-friendly cantons offer low taxation and business-friendly regulations.

Tax and Past Private Sector Payability

Galaxus, the largest online retailer in Switzerland, set a precedent in March 2019 when it allowed customers to pay with cryptocurrencies.

In that instance, Swiss customers could use alternatives to BTC and ETH. They could pay with Bitcoin Cash (BCH), Bitcoin SV (BSV), XRP, Binance Coin (BNB), Litecoin (LTC), TRON (TRX), OmiseGo (OMG), and NEO.

Galaxus’ co-founder and chief innovation officer said cryptocurrencies were a natural step in the evolution of online payments. The company generated sales close to one billion Swiss francs (~$1.11 billion) in 2018.

The post Swiss Canton of Zug to Start Accepting BTC and ETH for Tax Payments appeared first on BeInCrypto.

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