Citizens of Switzerland's Zug Canton Now Pay Taxes with Bitcoin
While companies adapt to cryptocurrencies in this way, there are states those who firmly oppose and those who adopt them. The legal status of cryptocurrencies also varies on the basis of countries. While Vietnam, Bangladesh, Bolivia, Saudi Arabia, Pakistan are among the countries that ban cryptocurrencies, countries such as the United Kingdom, the United States of America, Sweden, Belgium, and Australia have accepted cryptocurrencies legally.
If we give a few examples of the legal regulations of the states on cryptocurrencies; In the United States of America in 2015, the Commodity Futures Commission accepted bitcoin as a commodity. The UK, on the other hand, charges a certain amount of VAT on purchases made with Bitcoin. The Swedish Financial Supervisory Authority accepted bitcoin as a payment option.
A new addition has been added to the countries that pay taxes in Bitcoin, the Zug Canton, one of the member states of the Swiss Confederation, has been included. Zug Canton, which has received the nickname "Crypto Valley" with its positive stance against cryptocurrencies, said in a statement last Thursday, that from February 2021, companies and individuals will accept bitcoin and Ethereum in tax payments up to 100,000 Swiss Francs. It has been announced that in the coming weeks, test work for the project will begin and those who want to pay taxes with cryptocurrencies can contact the cantonal tax office. It was stated that the Zug-based brokerage firm will work in partnership with Bitcoin Suisse AG and Bitcoin Suisse will convert digital coins into francs and transfer the relevant amount to the state. The Canton of Zug has previously taken steps to use bitcoin in various government services. A similar transaction was previously made by the Swiss municipality of Zermatt, and the municipal administration approved the citizens to pay their taxes in cryptocurrencies.