Bitcoin business

The Swiss Crypto-Currency Haven

Swiss city of Zug by pa prisma
"Crypto Valley Zug" in Switzerland looks almost a bit too old-fashioned to be a bitcoin hub.
  • Why it matters

    Why it matters

    • Both the financial industry and politicians are critical of bitcoins, so Zug’s move means much-needed support for the crypto-currency community.
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  • Facts

    Facts

    • Starting in July, Zug’s registration office will accept bitcoins.
    • About 15 firms involved with bitcoins have their headquarters in Zug, sparking talk of “Crypto Valley Zug”.
    • Banks and at least one city councilor in Zug warn that bitcoins are a means of money laundering and cast doubt on the project.
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    Audio

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Dolfi Müller, the 61-year-old mayor of Zug, will preside over a virtual-finance global premiere on July 1, when the Swiss city will become the first state to accept payment via bitcoins.

“First of all, we will test it in a pilot project,” Mr. Dolfi said.

For six months, the residents’ registration office will accept payment in bitcoins up to a value of 200 Swiss francs, worth around €180 or $200. At the end of the year, Mr. Dolfi and his city council colleagues will weigh up whether to continue being a bitcoin front runner, in a move that is typically Swiss – revolutionary but with a get-out clause.

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