Swiss canton Zug now accepts bitcoin and ether for tax payments

Bitcoin • February 18, 2021, 2:15AM EST
UPDATED: February 18, 2021, 2:27AM EST
Athanasios Gioumpasis / Getty Images

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.

 

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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