Citizens and businesses in the Swiss canton of Zug will be able to pay taxes in Bitcoin (BTC) and Ethereum (ETH) from 2021, following a partnership between authorities and Zug-based crypto broker and custodian Bitcoin Suisse, according to a report published on September 3.
- Citizens and companies of Zug will be able to pay up to 100,000 CHF (~$110,000) with either Bitcoin or Ethereum; partial payments in cryptocurrency will not be accepted
- The tax scheme will be piloted in the upcoming weeks, with the launch planned for February 2021
- Bitcoin Suisse will convert cryptocurrency payments into Swiss Francs before transferring the payment to authorities
- Zug is known as “Crypto Valley” for its crypto-friendly regulation and the presence of several cryptocurrency startups