$102,385.00
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-0.01%$0.271981
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-1.13%$33.19
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0.62%$11.95
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0.02%$80.55
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0.01%$3.27
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0.04%$50.88
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0.00%$313.23
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0.01%$4.70
-5.24%$163.49
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0.78%$0.998668
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1.02%$102,322.00
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1.60%$2,056.01
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1.36%$95,720.00
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0.00%Reading
Citizens of the crypto-friendly region Canton of Zug in Switzerland can now pay their taxes using Bitcoin and Ethereum, according to a press release today.
The self-styled “crypto valley” is home to many crypto trading firms, exchanges, crypto banks, blockchain companies, and even the Ethereum Foundation, the non-profit entity that oversees the Ethereum network. And now, it’s taking its crypto aspirations a step ahead.
“Tax settlement by means of cryptocurrency will be available to both companies and private individuals up to an amount of 100,000 Swiss francs ($109,670),” the Zug canton said in a statement on Thursday.
To make this possible, the region has partnered with Zug-based crypto broker Bitcoin Suisse AG, which will convert the Bitcoin or Ethereum into Swiss francs and then transfer the amount to the state.
We are honored to support the Canton of Zug as it becomes the first Swiss canton to accept #Bitcoin and #Ether as means of payment for cantonal taxes. #bitcoinsuissehttps://t.co/tt2Z2Lm4SA
— Bitcoin Suisse (@BitcoinSuisseAG) September 3, 2020
Bitcoin Suisse founder Niklas Nikolajsen said the crypto market has grown too big to ignore, and that he sees more crypto adoption in the traditional quarters. “Everybody cares about a $0.5 trillion market. There’s almost nothing controversial about trading Bitcoin anymore. It’s completely mainstream,” said Nikolajsen.
Digitec Galaxus AG, Switzerland’s largest online retailer, today announced that it will begin accepting cryptocurrencies as a form of payment, according to local news outlet Watson. Customers will be able to use bitcoin, Ethereum, XRP and more to pay for consumer electronics and other goods from today. Swiss cryptocurrency fans have been able to buy bitcoin from ticket machines at Swiss Federal Railways stations, since 2016, but have had few places to spend them. Now they will be able to spend...
He added in a statement to news outlet Bloomberg, “With Bitcoin rallying during the pandemic and experts saying it could even act as an inflation hedge, the industry’s bellwethers might change their minds again.”
The Zug region offers low corporate taxes for all companies and has been accepting Bitcoin payments for certain government services since 2016, making it an attractive destination for crypto entrepreneurs.
But crypto’s not all it’s doing. Zug even held Switzerland’s first blockchain-based municipal ballot in a test in 2018 and piloted a digital identity project using the technology in 2019. Clearly there’s more to come.
Texas sheriffs used power tools this week in retrieving $32,000 from a Bitcoin ATM after a Jasper County family said they were scammed out of funds, according to local law enforcement. The family said it had lost $25,000 to the fraudsters. An image shared by the Jasper County Sheriff’s Office on Facebook shows sparks flying as an official uses what appears to be a circular saw to crack into a Bitcoin Depot kiosk. Other images show stacks of hundred dollar bills, evidence bags, and a gas station...
The price of Bitcoin was little changed on Friday as U.S. Federal Reserve Governor Christopher Waller argued that the U.S. central bank could start lowering interest rates as early as July. Bitcoin was recently changing hands at $104,300, flat over the past day and down 0.6% since Israel and Iran began exchanging missile attacks a week ago, according to crypto data provider CoinGecko. Ethereum was flat over the past 24 hours to trade just around $2,500, while Solana ticked up slightly. With infl...
USDC issuer Circle was buoyant in pre-market trading Friday, climbing above $236 ahead of the opening bell. That put it ahead of the $235 price target set by Wall Street research firm Seaport Global, which initiated coverage of the company today with a buy rating. But once the bell rang, the company's stock, which trades on the NYSE under the CRCL ticker, settled and is currently changing hands around $228, or 14% higher than its previous close. Seaport announced that it was initiating coverage...
