Municipal bosses in the Swiss town of Zug have decided to accept the bitcoin cryptocurrency for payments up to the value to 200 francs ($206), in a new pilot project.
Zug, traditionally known for its low taxes (about half the Swiss average) and its kirschwasser cherry brandy, is these days trying to brand itself as the slightly sinister-sounding “Crypto Valley”—it’s home to more than 15 financial technology (fintech) firms, and now it wants to dive even deeper into the future of virtual currency.
Dolfi Müller, Zug’s social-democratic mayor, said the town wanted to express its openness to new technologies and offer its support to the region’s fintech sector, by letting people use bitcoin to pay for some municipal services.
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The town council decided last week to start accepting bitcoin from July 1, and at the end of the year it will look at the lessons it has learned from the exercise. It will then decide whether Zug should accept bitcoin and other cryptocurrencies for more municipal services in the future.
Bitcoin allows people to make payments without having to involve centralized connection mechanisms such as banks. It is fairly good at protecting anonymity, but