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    Home » Crypto News » Tax Payments With Bitcoin and Ethereum Now Available in Switzerland’s Canton of Zug

    Tax Payments With Bitcoin and Ethereum Now Available in Switzerland’s Canton of Zug

    Author: Jordan Lyanchev

    Last Updated Feb 18, 2021 @ 12:03

    Several months following the initial announcement, the canton of Zug has become the first region in Switzerland to enable taxes to be paid via BTC and ETH.

    Residents located in the canton of Zug, one of the 26 cantons in the European country, will be able to use Bitcoin and Ethereum to pay their cantonal taxes as of this week. This comes just months after the canton partnered with Bitcoin Suisse to enable the innovative initiative. 

    • CryptoPotato reported the partnership between the two parties in September 2020. At the time, Bitcoin Suisse, the crypto broker headquartered in the same canton, agreed to convert the BTC and ETH holdings to Swiss francs to avoid any incurring losses due to price volatility. 
    • The initiative became official as of earlier this week, as Bitcoin Suisse announced on its Twitter account. 
    • The crypto broker explained that residents have to notify the authorities that they would like to pay with digital assets upon receiving the tax invoice. After getting instructions via email, they can execute the payment by simply scanning the provided QR code. The simplified process ends once the taxpayers receive a confirmation email. 
    • Bitcoin Suisse described this milestone as a “step forward for crypto adoption.” The Swiss-based organization also highlighted it as “yet another sign of innovation in Blockchain Nation CH!”
    • Enabling citizens to pay their taxes with crypto is not the first pro-BTC initiative attempted by the northern town of Zug. Back in 2016, the canton started receiving bitcoin payments for several city services, including public utilities. 
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    Tags: Bitcoin Ethereum Switzerland
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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