The authorities of the Swiss canton of Zug will begin accepting taxes in Bitcoin and Ethereum from February 2021 reports Bloomberg.
Local cryptocurrency broker Bitcoin Suisse is involved in the project. It will convert BTC and ETH to Swiss francs for the tax office.
“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),” the canton said in a statement on Thursday.
In January 2020, the authorities of the Swiss city of Zermatt, with the participation of Bitcoin Suisse, launched a similar project. To take advantage of the opportunity, the payer must submit an application to the tax authority.
The municipality of #Zermatt has taken an important step for #innovation: it now accepts #Bitcoin as official payment!
We are very proud to support with our payment solution & applaud the #pioneering spirit that lives in the mountains of Zermatt.https://t.co/TLtgSU14hb
— Bitcoin Suisse (@BitcoinSuisseAG) January 29, 2020
Earlier, Bitcoin Suisse announced it has raised over $ 48 million from investors. The broker will spend the funds received on scaling and developing the business.