Why a Swiss Tax Haven is Embracing Bitcoin

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Municipal bosses in a Swiss city of Zug have motionless to accept a bitcoin cryptocurrency for payments adult to a value to 200 francs ($206), in a new commander project.

Zug, traditionally famous for a low taxes (about half a Swiss average) and a kirschwasser cherry brandy, is these days perplexing to code itself as a somewhat sinister-sounding “Crypto Valley”—it’s home to some-more than 15 financial record (fintech) firms, and now it wants to dive even deeper into a destiny of practical currency.

Dolfi Müller, Zug’s social-democratic mayor, said a city wanted to demonstrate a honesty to new technologies and offer a support to a region’s fintech sector, by vouchsafing people use bitcoin to compensate for some metropolitan services.

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The city legislature motionless final week to start usurpation bitcoin from Jul 1, and during a finish of a year it will demeanour during a lessons it has schooled from a exercise. It will afterwards confirm either Zug should accept bitcoin and other cryptocurrencies for some-more metropolitan services in a future.

Bitcoin allows people to make payments though carrying to engage centralized tie mechanisms such as banks. It is sincerely good during safeguarding anonymity, but

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