‘Crypto Valley’ Residents Can Now Pay Taxes In Bitcoin

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A canton named Zug in Switzerland is setting a precedent for crypto-enthusiast to follow and believe that cryptocurrency would soon become a mainstream currency in the future. It is the canton that is often termed as “Crypto Valley” because of its positive and encouraging stance towards the use of cryptocurrency. The canton would be soon be allowing its people to pay their taxes in either Ether (ETH) or Bitcoin (BTC).

As per the report published in Bloomberg, the settlement of taxes in cryptocurrencies would be allowed to both individuals as well as the companies to the extent of around 100,000 Swiss Francs. Around 127,000 residents of the canton had earlier taken measures to accept payments in cryptocurrency for few government services. The decision to accept tax settlement in Ether and Bitcoin materialized through the joint venture between the crypto broker Bitcoin Suisse AG and the Zug canton. The crypto broker Bitcoin Suisse AG is based out of Zug itself.

Earlier, Bitcoin Suisse also partnered with the authorities in the Swiss region at Zermatt to allow its resident to pay taxes in cryptocurrencies. The founder of Bitcoin Suisse, Niklas Nikoalajsen, said in a press statement that the use of cryptocurrencies is completely safe and mainstream now and there’s nothing controversial or unsafe about Bitcoin trading anymore. Nikolas also said that the fact that the Bitcoin’s pricing surged during the Covid-19 pandemic is a clear symbol of the longevity and resilience of cryptocurrency in the near future.

The use of cryptocurrencies as a means to pay on different platforms has been growing manifolds in the last few years. There are ongoing research and study going on in different sectors regarding the integration of acceptance of cryptocurrencies. Some of the top banks globally have been working on finding a digital and technological solution to how cryptocurrencies can interact and collaborate with each other on multi-platforms.

Even though the overall scenario pertaining to Bitcoin has been encouraging in recent times, the local cryptocurrencies have been struggling to stay afloat. The central government of Switzerland recently denied the request made by the Zug administration to pay 100 million Swiss Francs to bail out local crypto-related businesses. However, the canton has a strong belief in cryptocurrencies and how it will help craft the future economic landscape. Zug is paving the way for other regions to follow suit in terms of adoption, implementation, and assimilation of cryptocurrency use as a mainstream currency.