The Swiss canton of Zug now allows its residents to pay taxes in crypto currencies such as Bitcoin (BTC) and Ether (ETH).
Bitcoin Suisse, a local crypto broker that enabled the new option in collaboration with the canton, announced on February 17th that the crypto payment option was launched this week.
The administration of the canton of Zug has published an official memo for the new tax payment option on its official website, which contains detailed video instructions for paying tax bills with crypto.
“This step forward for the introduction of crypto was made possible by the pioneering work of the cantonal tax office of Zug with the Crypto Payments solution from Bitcoin Suisse. This is another sign of innovation in Blockchain Nation CH, ”wrote Bitcoin Suisse.
The canton of Zug initially announced its plans to accept crypto for tax payments from September 2020 and to offer local companies and individuals the new payment option.
The canton of Zug, widely known as the “Crypto Valley” because of its positive attitude towards crypto, began experimenting with crypto payments about five years ago. In May 2016, the city of Zug piloted Bitcoin payments for public services with a payment limit of up to CHF 200.
Zug is not the first location in Switzerland to support crypto tax payments. Zermatt, a municipality in the canton of Valais, introduced a Bitcoin tax payment option in cooperation with Bitcoin Suisse in January 2020.