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).
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.
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