Swiss city to accept bitcoin as payment for govt services

Zurich

ZUG, the Swiss city known for its low corporate taxes, is experimenting with the use of bitcoin to pay for government services. From July through December, the city will accept the digital currency for payments including registration fees for new residents.

"Bitcoin is nothing else than a foreign currency, with a bit more volatility," said Dolfi Mueller, the city's president. "If this is successful, we may expand on it and accept bitcoin payments for other means." Using bitcoin to pay taxes is too volatile, however, Mr Mueller said.