In the idyllic, sleepy town of Zug in Switzerland, a city council meeting today saw the authority decide to accept bitcoin as a valid payment for municipality services as a part of a pilot program.
Already a burgeoning Fintech destination, the town of Zug in Switzerland (some call it Crypto Valley, with over 15 industry-relevant companies) is further endearing itself as the go-to destination for startups and companies in the bitcoin and blockchain industry by having its public set a welcoming example by adopting the cryptocurrency.
In a report by local publication StadZug today, town mayor Dolfi Müller stated:
We want to express our openness to new technologies by expressing our own experiences (with bitcoin). We will invite Fintech companies in Zug to exchange ideas with the City Council.
Our goal is to meet their needs for optimal development in our thriving economic environment.
The pilot program to embrace the cryptocurrency will see the city council govern by initially limiting bitcoin payments’ equivalent to 200 Swiss Francs for municipal services.
The program will last until