Categories: CryptoNews

Zug Makes Bitcoin Payment Option For Public Services Permanent

In July of 2016, the Swiss canton of Zug announced that they would conduct an experiment with Bitcoin payments. Residents were allowed to pay for public services using the Bitcoin cryptocurrency. At that time, it remained unclear how long this project would run for, but we now have an answer to that question. The City Council of Zug announced that the Bitcoin payment option will be made permanent moving forward.

Zug Embraces Bitcoin After Successful Trial

Accepting Bitcoin payments for public services sounded like a very unusual experiment when Zug’s City Council announced

it in May of 2016. But due to growing consumer demand, and the option of trying something new at virtually no cost, the City Council decided to greenlight the Bitcoin payment trial. At that time, its chance of success was all but certain, and no one knew for how long the project would last.

As it turns out, the Bitcoin experiment has been somewhat of a success. During the Zug City Council meeting on December 13th, it was decided to continue accepting Bitcoin payments on a permanent basis. This news came as quite a surprise, as very little details have been revealed regarding the Bitcoin acceptance project ever since it was kicked off in July.

So far, it appears that only a dozen people have shown an interest in paying Bitcoin, but that still makes the pilot project worth exploring further. It is nice to see the Zug government keep such an open mind toward digital payments. Moreover, they will also explore Twitter and Apple Pay as electronic funds options in the next few weeks.



Related Post

Exploring with Bitcoin technology is an important development for any economy, and the Zug City Council acknowledged that much. The project garnered a lot of international media attention over the past few months, which indicates that the idea was the right one. Although Bitcoin usage may have been a bit disappointing, things may pick up over the coming months now that it is a permanent payment option.

But the Zug City Council has made another announcement that caught people by surprise. Moving forward, the plan is to explore future use cases for blockchain technology, including electronic government and digitization of services. All of those projects can benefit from blockchain technology, which adds transparency and accountability.

The news comes at a time during which the value of Bitcoin has been skyrocketing for several weeks. It is evident that a mind shift towards cryptocurrency is taking place, although it remains unclear what the future may hold. Bitcoin investors and enthusiasts are happy about the Zug news, that much is certain.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

10 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

10 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

11 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

11 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

15 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

16 hours ago