Residents and businesses in Switzerland, can pay their taxes directly with bitcoin and ether. This was already announced in September 2020, but so now the province of Zug has managed to implement it in park practice. It is unclear how many people would prefer to pay taxes with cryptocurrencies, especially now that prices are skyrocketing.
Knowing that the Central Banks have the money presses on, it may be wiser to pay with fiat currency.
Maimi preceded Zug
The American city of Miami goes one step further. Officials can get their salaries paid in bitcoin and residents can pay taxes with cryptocurrency.
Zug is cooperating with Bitcoin Suisse for the initiative. This Swiss crypto company ensures that payments from residents and businesses are converted into Swiss francs. In other words, anyone can pay with cryptocurrency, but at bottom Zug receives a commission on it.
The process of paying taxes with crypto seems to be simple. Residents must scan a QR code and pay with a cryptocurrency wallet of their choice.