Residents Of ‘Crypto Valley’ Are Now Able To Pay Taxes In Bitcoin

Experts in the canton of Zug now embrace cryptocurrency for tax settlement.

The Swiss canton of Zug is making it simpler to imagine a world in which cryptocurrency users are resolutely in the mainstream.

The canton — which has earned itself the moniker of “Crypto Valley” for its positive position towards cryptocurrencies — will begin allowing citizens to pay taxes in Bitcoin (BTC) and Ether (ETH).

As indicated by Bloomberg on Sept. 3, “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).”

Around 127,000 individuals live in the district, which has recently found a way to acknowledge Bitcoin payments for select government services.

The new, altogether more wide-going move to accept taxes in crypto has been empowered by a partnership between the canton and crypto agent Bitcoin Suisse AG, which is situated in Zug.

Bitcoin Suisse has recently partnered together with Swiss experts in Zermatt to empower citizens in that locale to utilize Bitcoin as a means of payment.

Bitcoin Suisse organizer Niklas Nikolajsen bullishly told journalists that “there’s almost nothing controversial about trading Bitcoin anymore. It’s completely mainstream.”

In his view, Bitcoin’s solid convention during the Covid pandemic is probably going 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 firms have struggled. The Swiss federal government recently rejected a 100 million franc request by the canton of Zug intended to help keep local crypto businesses afloat.