The Swiss canton of Zug is making it easier to imagine a world where cryptocurrency users are decidedly mainstream.
The canton, nicknamed “Crypto Valley” for its positive attitude towards cryptocurrencies, will allow citizens to pay taxes in Bitcoin (BTC) and Ether (ETH).
According to Bloomberg on September 3rd “Cryptocurrency tax returns are available to businesses and individuals up to 100,000 Swiss Francs (US $ 109,670).”
The area is home to around 127,000 people who have previously taken steps to accept Bitcoin payments for select government services.
The new, much broader movement towards accepting taxes on cryptocurrencies This was made possible by a partnership between the canton and the cryptocurrency broker Bitcoin Suisse AG, based in Zug.
Bitcoin Suisse previously worked with the Swiss authorities in Zermatt to enable taxpayers in this region to use Bitcoin as a means of payment.
The founder of Bitcoin Suisse, Niklas Nikolajsen told reporters optimistically: “Trading in Bitcoin is almost no longer controversial. It’s completely conventional. “
In his view, Bitcoin’s strong rally during the coronavirus pandemic should strengthen the currency’s resilience and longevity in a rapidly changing economic landscape.
Despite this horizon, local cryptocurrency companies are struggling in the immediate aftermath of the COVID-19 crisis. The Swiss federal government recently rejected an application from the canton of Zug for 100 million francs to keep the local cryptocurrency companies alive.