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.
Image credit: 1
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
Projects all across the crypto market began integrating cutting-edge technology as a core part of…
Wormhole has recently taken some big steps towards improving compatibility on Arbitrum (ARB). At the…
Option2Trade (O2T), Shiba Inu (SHIB), and Bonk (BONK) present compelling investment opportunities for those seeking…
Memecoins Like WIF and SHIB Will Not Encourage a Crypto Bull Run, Analyst Recommends OP…
BlockDAG‘s 1000x ROI & 8+ New Payment Options Surpasses Ethena Prices & Toncoin Investors’ Interest…
In a significant development within the cryptocurrency space, GSR Markets has deposited a substantial sum…