Switzerland’s canton of Zug will make it possible to pay taxes in cryptocurrencies, in reaction to the growing interest in digital currencies.
According to information published by Bloomberg, Switzerland’s canton of Zug, which is renowned as the home of hedge funds, innovative and crypto companies, will soon collect taxes in cryptocurrencies.
This Swiss region is cooperating with Bitcoin Suisse AG, Switzerland’s leading crypto-financial service provider.
Tax settlement by means of crypto currency will be available to both companies and private individuals up to an amount of 100,000 Swiss francs ($109,670),
the canton said in a statement today.
As a country, Switzerland has generally favorable regulations regarding cryptocurrencies, and crypto companies thus have excellent conditions. We have also recently written to you about “Swiss Stablecoin being tested by the largest online shop in the country” and Switzerland becoming the first country when was stablecoin issued by a regulated bank used in e-commerce.
One of Bitcoin’s supporters is also Bitcoin Suisse founder and Chairman, Niklas Nikolajsen, and he said:
Everybody cares about a $ 0.5 trillion-market,
There’s almost nothing controversial about trading Bitcoin anymore. It’s completely mainstream.
Read also: China plans to use its Digital Currency at the 2022 Winter Olympic Games in Beijing
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