SWISS CANTON OF ZUG ALLOWS TAXES TO BE PAID IN BTC AND ETH

Posted 04 September, 2020

Switzerland continues to adopt industry-friendly rules. According to BNN Bloomberg, the Swiss canton of Zug, where Cryptodolina is located, has allowed businesses and citizens to pay taxes in bitcoin and ether. We also remind you that since January 28, 2020, the authorities of Zermatt, a municipality of Switzerland, have allowed paying taxes in BTC with the support of the Swiss cryptocurrency company Bitcoin Suisse.

 

"Tax payments in cryptocurrencies will be available to both companies and individuals in the amount of up to 100,000 Swiss francs (approximately $ 109,670)," the cantonal authorities said.

 

The region, with a population of about 127,000, cooperates with the Zug-based broker Bitcoin Suisse AG, which converts cryptocurrency into francs and transfers payments to the state. Zug, known for its low corporate taxes, has been accepting payments in BTC for certain government services since 2016.

 

Many cryptocurrency firms do business in Switzerland due to favorable regulations and positive attitudes towards digital currencies. However, the country's major banks so far have largely refrained from offering cryptoasset-related services to their customers due to concerns about high volatility and security.

 

As BTC continues to grow despite the pandemic and experts say it may even act as a defensive asset, industry leaders may change their minds, according to Bitcoin Suisse founder and chairman Niklas Nikolajsen.

 

“Everyone is worried about the $ 0.5 trillion market,” Nikolaysen said. “There are almost no controversies left on bitcoin trading. It has become widespread."

 

Recall that in April residents of Crypto Valley were negotiating with the Swiss federal government on financial assistance for local companies in the amount of $ 102.7 million, but were refused.

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