Bitcoin given trial run in Zug

Residents of the Swiss town, Zug, will be able to use Bitcoin for public services. The town's council hopes it can help the economic needs of entrepreneurs. “We want to express our openness to new technologies…Our goal is to meet their [fintech entrepreneurs] needs for optimal development in our thriving environment,” said Mayor Dolfi Müller.

The town's residents will be allowed to use up to 200 Francs worth of Bitcoin for various public services, through 2016. After the trial period expires the town council will conduct an analysis to find out the benefits and costs of the programme, and will ultimately determine whether the programme should continue. If the programme gets extended other urban services could be included and the 200-Franc limit scrapped.

The reaction to Bitcoin by governments around the world have been mixed, in Russia, there is some hostility against the crypto-currency, whereas in Switzerland the attitude is more relaxed.

Zug has become home to many crypto tech companies earning it the name 'Crypto Valley'. Some of the popular crypto firms that have set up in Zug include Ethereum, Monetas, Proton Mail, and Silent Circle.

Source: Sputnik News | Image via Cristo Vlahos

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