Bitcoin now accepted as mode of payment in Zug
The city of Zug has started to accept bitcoin as a mode of payment.
As part of a Bitcoin pilot project, residents of Zug will now be able to pay their taxes, fees and fines with the digital currency.
The City Council will accept bitcoin payments for services for 6 months.
The pilot project is part of the city's initiative to attract more fintech and digital currency companies to set up their operations in and around the city.
However, payments are limited to 200 francs to keep the risk levels low during the trial phase.
The project makes Zug the first city in the world to accept bitcoin payments from the residents for utilities and government services.
Image © Patrick Nouhailler