Swiss Zug Allows Bitcoin and Ethereum Tax Payments


[Blockchain Today Reporter Jieun Lee] Canton of Zug, Switzerland, announced that it will allow tax payments through Bitcoin and Ethereum. It is the administrative unit of Switzerland, which corresponds to the Korean province. Accordingly, businesses and individuals residing in Juke Canton will be able to pay taxes through cryptocurrency.

Bitcoin Sheath, a Swiss cryptocurrency brokerage firm, announced on the 17th (local time) that it has entered into a partnership with the local government of Juke Canton to provide such a service.

The local government of Juke Canton also announced this through its official website, and explained in detail how to pay taxes through cryptocurrency through a video.

Bitcoin Sheath said, “Juk Canton residents are now able to pay their taxes in an advanced way called the Bitcoin Sheath cryptocurrency payment solution. This will be another innovation that makes Switzerland (CH) a blockchain country.”

Juke Canton had already planned to pay taxes using cryptocurrency in September 2020, and even at that time, it was willing to offer local businesses and residents an option to pay taxes through cryptocurrency.

Juke Canton is known as the’Cryptocurrency Valley’ in Switzerland, taking a steadily positive stance on cryptocurrency. They also experimented with cryptocurrency payments five years ago. In May 2016, the city of Juke conducted a pilot experiment in which payments were made in Bitcoin when using public services. At the time, the maximum payment amount was 200 Swiss francs.

Juke Canton is not the first Canton to support cryptocurrency tax payments in Switzerland. Zermatt, a poet from the Valais Canton, signed a partnership with Bitcoin Sheath in January 2020 and introduced a Bitcoin tax payment service.