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Virtual Economic Reality: Swiss Town Taking Bitcoin for Public Services

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Bitcoin keychain - Sputnik International
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Residents of a small town in Switzerland will be allowed to use the cyber currency Bitcoin to pay for municipality services like public utilities.

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The Town Council of Zug in Switzerland announced May 3 that its residents will be allowed to use Bitcoin to pay for municipality services as part of a trial run.

Zug residents will be allowed to use up to 200 Francs worth of Bitcoin for different services.

The trail will continue through 2016 before the town council conducts an analysis to gage the cost and benefits of the measure. That analysis will determine whether the program continues.

Sometimes referred to as “Crypto Valley,” Zug is known for its growing fintech industry.  

“Our goal is to meet their [fintech entrepreneurs] needs for optimal development in our thriving economic environment,” said Mayor Dolfi Müller.

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Conveniently for Bitcoin, Zug happens to be in a country known for its business friendly environment and lax tax laws. According to Bitcoin.com, Zug boasts one of the lowest tax rates in the world.

Xapo, one of the world’s largest Bitcoin wallets, moved their headquarters to Switzerland last year.

“This combination of a hands-off approach by the government and large tax benefits has made the small town into a successful economic hub where global trade flourishes,” read a post in Bitcoin.com.

According to its website, Bitcoin is a cyber currency that can be used worldwide for irreversible transactions that can’t be blocked by banks or governments. Bitcoin prices are governed by the law of supply and demand and exchanges can flux as well. Bitcoins can be held in various 

“Wallets” with their own rules and policies. 

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