Bitcoin and other cryptocurrencies have been emerging as extremely valuable assets. While Switzerland had previously revealed that it was considering accepting crypto for tax payments, its recent announcement affirmed that it had commenced this process.
The Swiss canton of Zug had reportedly entered into a partnership with Switzerland’s prominent crypto services provider, Bitcoin Suisse.
Switzerland’s Zug Canton Takes A Leap Towards Crypto Adoption
As the crypto industry’s market cap reaches a high of $1.5 trillion, several countries have started to embrace or accept cryptocurrencies. However, Switzerland had been steering towards digitalization when the crypto industry hadn’t become a trillion-dollar industry. Back in September 2020, the canton had stated,
“Tax settlement by means of cryptocurrency will be available to both companies and private individuals up to an amount of 100,000 Swiss francs ($109,670).”
More recently, Bitcoin Suisse took to Twitter to announce that the canton of Zug had started accepting crypto assets like Bitcoin [BTC] as well as Ethereum [ETH] for cantonal tax payments. While this might be a new convention for several, the canton provided instructions through a video on its website.
This isn’t the first time that Bitcoin Suisse had helped a region in rolling out Bitcoin tax payments. Previously, a district in the canton of Valais, Zermatt had also begun accepting crypto for tax payments.
Speaking about the spruce in the adoption of crypto, Bitcoin Suisse wrote on Twitter,
“This step forward for crypto adoption has been enabled by the pioneering work from the Zug cantonal tax office using the Bitcoin Suisse Crypto Payments solution. It is yet another sign of innovation in Blockchain Nation CH!”
Several regions in the United States of America had also included BTC and other cryptocurrencies as a payment method. Ohio jumped on the bandwagon and failed at its attempt as those using crypto for paying tax were limited. Just months after setting this up, the state took it down.