In a world first, the Swiss town of Zug in central Switzerland will begin accepting the cryptocurrency Bitcoin as payment for government services on a trial basis. The Zug municipality made the decision at its meeting on May 3 and the pilot project will start from July 1 and continue until the end of 2016. Bitcoin payments up to a value of CHF200 ($ 205.8 or 0.44 XBT) will be accepted for standard government services. The authorities claim they want to lead by example in a region that has recently become a hub for the financial technology (Fintech) sector in the country. The self-appointed “crypto valley” of Switzerland hosts around 15 companies specialising in blockchain technology that underpins Bitcoin. The town’s mayor Dolfi Müller announced that Zug is open to exchanging ideas with such companies. At the end of 2016, an analysis of the trial scheme will be made and the town will then decide if it wants to continue with accepting digital currency payments in …
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