Cryptocurrency is finding uses everywhere. Now one can also pay taxes using Bitcoin and Ether in Switzerland’s Crypto Valley. Swiss authorities already said that Zug citizens would be allowed to pay up to $111,300 of their taxes in Bitcoins and Ether. And the payment should be made in full as no partial payments would be accepted. The name crypto valley was given to the place due to its lenient and crypto-friendly laws.
Bitcoin is now being accepted by the Swiss authorities for legal payments. This is a big step in favor of cryptocurrency. We all know how important it is for governments and officials to accept cryptocurrency in order for investors to embrace it. And I think that’s happening here. Zug has become the first town to accept crypto tax payments. The finance director of the town also said that being known as the crypto valley, it is important to embrace it.
Any resident of the town can request the officials to pay their taxes using cryptocurrency. And they will receive an email with a link having the crypto payment option. To make this happen, Suisse, a crypto firm, has partnered up with the authorities.
Bitcoin and Ether as tax payment methods!
With the target of $100,000 in the near term, Bitcoin will soon become the biggest currency in the world. And the best thing about Bitcoin is its decentralized nature which makes it a global currency. But still, the currency is viewed more as an asset that is bound to grow with time, rather than something you would buy things with.
At the same time, using Ether to make tax payments will also boost the usage of the currency. Being the 2nd largest cryptocurrency globally, it is also essential not to underestimate the value of the asset. It is estimated that the value of one Etherium coin could increase 7 times by the end of this year.
What are your thoughts on Switzerland’s Crypto Valley accepting Bitcoin and Ether as a payment method for taxes? And will you be willing to pay your taxes that way? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.