Bitcoin

Swiss Town Says ‘Yes’ To Bitcoin

While plenty of government officials aren’t ready to jump to support bitcoin as a legitimate payment option, there is one small town in Switzerland that has caught the bitcoin bug.

Zug, a northern Switzerland town, has announced it is accepting bitcoin payments for specific services as it tests the digital currency on a trial run to determine if its residents care to pay that way. It will, however, place a cap on bitcoin payments at 200 francs (around $206) and can be used for public utility payments.

This test run of bitcoin payments will continue throughout the remainder of the year. Officials reported the test is being conducted to determine if bitcoin could be an actual payment option to streamline the payments process.

Mayor Dolfi Müller said, according to local news reports: “We want to express our openness to new technologies … Our goal is to meet [FinTech entrepreneurs’] needs for optimal development in our thriving environment.”

Reports also indicated that Zug is known in the region as “crypto valley,” due to how many bitcoin and blockchain startups are in the small area. It is home to companies like Xapo and ShapeShift.

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