The canton of Zug will accept taxes in form of Bitcoin and Ethereum. It allows all the companies and citizens in the canton to pay their tax through BTC or ETH.
The city in Switzerland became one of the most popular crypto hubs in Europe and hundreds of companies are already installed there.
The region is going to be working with Bitcoin Suisse AG, a company that is converting the funds into fiat currency to process the transfer to the government. The city is also known for having low corporate taxes has been a hub for digital assets and crypto-related companies.
In addition to it, Zug has been accepting virtual currencies in shops, public offices and other services providers have also attracted new clients by accepting digital assets.
Bitcoin (BTC), the largest cryptocurrency in the world has been in a bull market since March this year. The entire community remains very excited about the future of the digital currency and what could happen with it in the future. Indeed, some analysts consider Bitcoin could be a hedge against inflation considering countries have been printing large amounts of money to reduce the negative effects of the pandemic.