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CryptoValley Zug To Start Accepting Bitcoin Payments For Public Services

In a move to set a precedent for corporate digital finance industry, the city of Zug, Switzerland, has announced a pilot project that will allow local residents to pay for public services using bitcoin.

The decision was taken at the city council meeting held last week. The pilot project of the city government is initially limited to a limit of 200 francs and will be effective from July 01, 2016 for the rest of the year.

"We want to express our openness to new technologies and expressed early on your own experiences. And we will invite to exchange ideas with the City Council FinTech companies in the region train. Our goal is to meet their needs for optimal development in our living and economic environment in more detail”, said Mayor Dolfi Müller in a statement (Google-Translated).

The announcement goes on to say that towards the end of this year, an analysis would be done of the “lessons learned”. Thereafter, it will be decided if bitcoins and other digital currencies are to be accepted as payment for other municipal services in the future.

Zug, also known as "Crypto Valley", continues to attract several digital currency companies. Brave New Coin reported that at least 15 businesses in the industry, including Xapo, Monetas, Ethereum, and ShapeShift have made Zug their home.

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112.3 Bln USD

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112.3 Bln USD

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955 %

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-800 %

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1755 %

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-105 Bln JPY

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JPForeign Invest JP Stock

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182.4 Bln JPY

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52.8 bln $

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DEIfo Business Climate*

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116.6 %

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116.7 %

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DEIfo Current Conditions*

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125 %

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124.8 %

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DEIfo Expectations*

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108.9 %

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109.1 %

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ITIndustrial Orders MM SA

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8.7 %

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ITIndustrial Orders YY NSA

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12.2 %

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