Authorities in the Swiss canton of Zug plan to begin accepting taxes in cryptocurrency from the start of next year.
- From next February, citizens and companies based in Zug will be able to pay up to 100,000 CHF (around $109,000) of their taxes in either bitcoin (BTC) or ether (ETH).
- No partial payments in cryptocurrency will be accepted.
- For the initiative, authorities have partnered with the Zug-based crypto broker and custodian Bitcoin Suisse, which will convert cryptocurrency payments into Swiss francs and hand them over to the tax office.
- Zug is home to "Crypto Valley," a loose association of cryptocurrency companies based in the canton.
- In a statement Thursday, Zug Finance Director Heinz Tannler said the move would help to normalize the use of cryptocurrencies in everyday life.
- A pilot of the tax scheme is set to be trialed in the coming weeks, ahead of the planned February 2021 launch.