Swiss town Zug to accept bitcoin payments for government services

The Swiss town of Zug has decided to accept the cryptocurrency bitcoin as payment for government services on a trial basis.

Swiss town Zug to accept bitcoin payments for government services

The city in a statement said that payments will go live on 1st July and run through the rest of the year.

During the trial period, the town’s residents will be permitted to use up to CHF200 worth of bitcoin for various public services.

The town council added that it will analyse the benefits and costs of the programme after the trial period expires, and will then determine whether the programme should continue.

Created in 2008, bitcoin is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.