Golden Outpost | More and more mainstream, Zug, Switzerland accepts BTC and ETH for tax payment

As a well-known world financial center, Switzerland has always been at the forefront of the world in accepting cryptocurrencies. Now Switzerland has gone a step further, accepting BTC and ETH for tax payment, and cryptocurrency has truly entered the mainstream of society.

The Swiss canton of Zug has long been home to hedge funds, cryptocurrency firms and commodity traders because of its low tax rates and lenient financial regulations. According to the latest report from Bloomberg, the Swiss canton of Zug will start allowing citizens to pay taxes in BTC and ETH.

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2. The Tel Aviv Stock Exchange will launch Israel's first blockchain securities lending platform;

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9. The authority to issue additional YFII.Finance (YFII) tokens has been destroyed, and the total amount has been reduced to a fixed 40,000. [2020/7/28]

"Companies and individuals will be allowed to settle taxes in cryptocurrencies up to a maximum amount of 100,000 Swiss francs (about $109,600)," the canton said in a statement released on Sept. 3.

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According to previous reports, taxpayers pay taxes with BTC and ETH through Bitcoin Suisse AG, a confidential currency brokerage company headquartered in Zug. Bitcoin Suisse AG converts BTC and ETH into Swiss francs, and then transfers the legal currency funds to Chug. Georgia State Government.

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Prior to accepting cryptocurrencies for tax payments this time, the canton of Zug was already experimenting with accepting bitcoin payments for government services. Since 2016, the ski resort of Zermatt has accepted bitcoin payments for certain government services, and at the end of January 2020, Zermatt decided ahead of time that the town's 5,400 residents could pay taxes in bitcoin.

It is reported that Bitcoin Suisse AG has about 127,000 customers in the Zug area.

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