The Swiss city allowed to pay utility payments in bitcoins

The city hall of Zug decided to legalize utility payments in bitcoins . So far, until the end of this year as part of the experiment.

“We want to show our openness to new technologies on our own experience with Bitcoin,” said the mayor of the city, Dolfi Müller. - We invite financial technology sector companies to discuss their ideas with the city hall. Our goal is to satisfy their desires for the optimal development of our thriving economic environment. ”

The small Swiss town of Zug is unusual - it is the location of 15 companies that specialize in financial technology. Some even call him Cryptodolina, hinting at the unusually high concentration of high-tech financial companies here. So the mayoralty’s move to bitcoins doesn’t look too shocking news.
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During the pilot program, digital cryptocurrency payments of up to 200 francs ($ 205) are allowed. It is possible that in the future the limit will be increased if the experiment proves successful.

Switzerland has a good reputation for political neutrality and business protection, especially in the financial sector. In addition to these benefits, Zug proposes to take advantage of one of the lowest tax rates in the world, so it’s profitable for companies to register here. Not surprisingly, Zug and the neighboring town of Barr generate 3% of transactions in the global oil market.

Now the adoption of cryptocurrency has been added to the benefits of Swiss life.

Perhaps the transition to cryptocurrency will help reduce the negative effect of the negative interest rate set by the Swiss Central Bank, making it unprofitable to keep money in national currency in bank accounts.

See also:
Leaving the banking system. How to live only on Bitcoins