Swiss canton Zug now accepts bitcoin and ether for tax payments

Feb 18, 2021 | The Block News | 0 comments

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The canton of Zug, one of the Swiss Confederation member states, has begun accepting bitcoin (BTC) and ether (ETH) for tax payments after initially announcing support last September.

Kanton Zug has partnered with Bitcoin Suisse for the initiative, meaning the Swiss crypto firm will convert residents’ BTC and ETH tax payments into Swiss Francs for the authority.

The process of paying taxes with crypto appears to be simple. Residents have to scan a QR code and pay from a crypto wallet of choice. The cap for such payments is up to CHF 100,000 (about $110,000).

Swiss city Zug also accepts bitcoin for tax payments via Bitcoin Suisse since 2016. The Swiss municipalities of Zermatt and Chiasso also support the cryptocurrency for smaller tax payments.

It is unclear how many people prefer to pay taxes with cryptocurrencies, especially given their prices are skyrocketing. Bitcoin is currently trading at around $52,000 and ether at about $1,900.

The Block has reached out to Bitcoin Suisse for details and will update this story should we hear back.

 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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