The Swiss town of Zug, which is currently home to more than 15 fintech companies, has approved a bitcoin pilot program that will allow residents to pay for municipal services with the digital currency.
According to a report by Swiss news outlet StadZUG, the program was approved today in a Zug City Council meeting. The pilot will run through 2016, with town officials holding another meeting at the end of the year to evaluate the results.
Zug Mayor Dolfi Müller’s said:
“We want to express our openness to new technologies,”
The Mayor went on to invite the fintech community to share their ideas and proposal with City Council. Müller also explained that the city is looking out for the best interest of the city’s burgeoning fintech sector, “Our goal is to meet their needs for optimal development in our thriving economic environment.” he added.
Until the end of 2016, Zug residents will be allowed to pay for services in bitcoin that cost up to 200 Swiss Francs. If the program shows promise, town officials will expand the scope of the pilot to include other urban services and remove the 200-Franc limit:
“Then, the City Council decides whether Bitcoins and most other digital currencies should be accepted in the future as a means of payment for other municipal services.”
The town of Zug has been called Crypto Valley by many fintech entrepreneurs. With this bitcoin pilot, officials are hoping to draw in other digital currency startups and put Zug on the global fintech map.
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