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Zug to trial bitcoin payments for public services

Local News // May 10, 2016
Zug to trial bitcoin payments for public services

People living in Zug will soon be able to pay for public services using bitcoin.

As a centre for technology and finance in Switzerland, the city council wants to set an example to others by offering payment services in the digital currency.

From July 1st residents of the central Swiss city will be able to make payments for some council services up to a value of 200 francs in bitcoin.

The council want financial technology companies in the area – where the headquarters of Bitcoin Switzerland is based – to discuss ideas for furthering its use.

Initially a pilot project, the scheme will be assessed at the end of 2016 before the council decides whether to extend the payment system to other services or larger amounts.

Zug traditionally has one of the lowest tax rates in Switzerland, making it attractive to big businesses as well as individuals.

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