Now You Can Pay Taxes in Bitcoin if You Are a Resident of ‘Crypto Valley’

Officials in the canton of Zug now adopt cryptocurrency for tax payments.

Canton of Zug in Switzerland is making it simple to visualize a life in which cryptocurrency users are firmly in the mainstream.

The canton — which has made itself the moniker of "Crypto Valley" for its positive attitude towards cryptocurrencies — will start letting residents pay taxes in Bitcoin (BTC) and Ethereum (ETH).

“Tax settlement by means of cryptocurrency will be available to both companies and private individuals up to an amount of 100,000 Swiss francs ($109,670,” published Bloomberg on Sept. 3.

Around 127,000 people reside in the district, which has earlier done steps to allow Bitcoin payments for select government services.

This new, significantly more wide-ranging progress to allow taxes in crypto has been approved by a partnership among the canton and crypto broker Bitcoin Suisse AG, which is based in Zug.

Bitcoin Suisse has earlier partnered with Swiss officials in Zermatt to allow taxpayers in that area to accept Bitcoin as a method of payment.

Niklas Nikolajsen who is the founder of Bitcoin Suisse has bullishly told journalists that “there’s almost nothing controversial about trading Bitcoin anymore. It’s completely mainstream.”

He thinks that Bitcoin’s powerful rally during the coronavirus pandemic is likely to establish the case for the currency’s flexibility and survival amid a rapidly changing economic landscape.

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