Popular

Swiss canton Zug now accepts bitcoin and ether for tax payments

advertisement

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.

 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Investing giant Pimco is considering trading cryptocurrencies

Pimco, a $2 trillion investment firm, could potentially begin trading spot cryptocurrencies, the firm’s chief investment officer Daniel Ivascyn confirmed to CNBC.  The firm, which has engaged with the market via crypto-linked securities, is now looking at “trading certain cryptocurrencies as part of our trend-following strategies or quant-oriented strategies, then doing more work on the […]
Read Full Story
Oct 20, 2021, 6:59PM UTC

Here's how one of NYSE's largest market makers is breaking into DeFi

On this episode of The Scoop, founder Ari Rubenstein and founder & CEO Ryan Sheftel joined host Frank Chaparro to discuss the launch of their new crypto firm, called Radkl. Radkl, which was born out of trading firm and New York Stock Exchange market maker GTS, is a new digital asset trading business. GTS currently […]
Read Full Story
Oct 20, 2021, 2:23PM UTC
More