The Swiss canton of Zug – the heart of the nation’s burgeoning crypto and blockchain industry – will be allowed to pay tax bills of up to USD 109,670 in bitcoin (BTC) or ethereum (ETH) from February 2021.
Per Bloomberg, the canton’s tax authority has sealed a deal with crypto custody firm Bitcoin Suisse, which is headquartered in Zug. The agreement will see the company convert BTC and ETH payments into the fiat Swiss franc and transfer the funds to Zug.
The news agency quoted the firm’s founder and chairman Niklas Nikolajsen as stating,
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