The Swiss canton of Zug, the core of the thriving cryptocurrency and Blockchain industry in the country, will be allowed to take care of expenditure accounts of up to $109,670 in Bitcoin (BTC) or Ethereum (ETH) from February 2021.
According to Bloomberg, Bitcoin Suisse, a custodian of cryptocurrencies firm, headquartered in Tsuge, was placed in charge of the Canton’s finances. According to the agreement, the organization will convert the BTC and ETH contributions to the Swiss franc and move the assets to Zug.
The news agency quoted author and company administrator Niklas Nicolaisen, who said:
“Everyone thinks about the market of 0,5 trillion dollars. In principle, there is nothing doubtful about the exchange of bitcoins anymore. It is completely standard”.
The organization further quoted the canton, stating that “Estimation methods for [cryptoassets] will be available to two organizations and individuals for up to 109 670 US dollars”.
Zug stated that his ambition would help “standardize” the use of the cryptocurrency for everyday life in the canton, and said that he would lead preliminary activities in the next few weeks, to guarantee the income from the introduction in a year at no particular cost late hitches.
The canton also stated that it would not recognize incomplete contributions in the cryptocurrency, as a result of which the tokens distributed part of the valuation account and the rest in the fiat. Apparently, for this aspect of the world, where cryptocurrency can also be used to pay for a small number of nearby taxpayer-run organizations, cryptocurrency is a big problem or a problem of collapse.
In particular, in July 2016, Zug began testing the recognition of the BTC as an instalment method for taxpayer-supported organizations (though this is not paid for). As a sign of the completion of this preliminary phase, Tsuga’s city assembly decided to extend it indefinitely by the end of 2016. Under all circumstances, the committee further found that from 1 July to mid-December of the same year, only 12 people had actually paid the civilian government of Zug for a Bitcoin-based administration, and the mayor’s office also admitted, that this step was planned much more because of the desire to develop the city than anything else.
