Blockchain & Crypto

Swiss citizens can use Bitcoin to pay taxes

This move became effective mid-February 2021

Zug Bitcoin

Swiss citizens can use Bitcoin to pay taxes. Source: pexels.com

According to ThePaypers.com, the Swiss canton of Zug citizens can use Bitcoin to pay for taxes. This is among the 26 states in Switzerland.

The maximum amount that the businesses and citizens can pay is CHF 100,000 with Ethereum or Bitcoin.

Heinz Tännler, Zug’s finance director notes the essence of the use of cryptocurrencies in simplifying everyday life. However, users are mandated to have the necessary QR code sent by the tax authorities via mail.

The remittances are first converted into Swiss francs and then processed by Bitcoin Suisse, the local service provider.

South Zurich is renowned for its low tax rates, The Paypers reveal. And now, the location is standing out due to trailblazing in blockchain technology and digital currencies. As a result of an influx of digital developers at the Lake Zug region, the area is now known as ‘crypto valley’.

We’ve reported that Wirex teamed up with crypto trading infrastructure platform.

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