"The pilot project of the city government is initially limited
to a limit of 200 francs on chargeable services the residents
of the city train. The end of 2016 [we will conduct] an
analysis of lessons learned. Then...the city council [will
decide] if bitcoins and most other digital currencies are to be
accepted as payment for other urban services in the future."
Read the original article on CoinDesk. Copyright 2016. Follow CoinDesk on Twitter.
The city of Zug, Switzerland, has announced it will pilot a bitcoin payments project that will allow local citizens to pay for public services using digital currency.
A general view shows the old town of Zug March 15, 2013. Picture taken with a fish-eye lens on March 15, 2013. REUTERS/Michael Buholzer
The move was announced on the city’s official website, which characterized the initiative as a means to assess the efficacy of accepting bitcoin for public obligations that cost 200 francs (roughly 0.44 BTC at press time) or less.
The idea – adding bitcoin as an option for taxpayers – isn’t a new one, though the Zug pilot is certainly one of those cases in which the concept moves from the drawing board to the testing lab. Cities and states have toyed with the notion in past years, though in many cases the idea simply didn't catch on.
The city explained:
City mayor Dolfi Müller said in a statement that he hopes the project will attract more financial tech firms to the region.
"Our goal is to meet their needs for optimal development in our living and economic environment in more detail."
"We want to express our openness to new technologies and expressed early on your own experiences. And we will invite to exchange ideas with the City Council FinTech companies in the region train,” he said, according to a translated statement, adding:
Zug, a well-known Swiss financial hub long associated with the country’s tax haven reputation, kicked off the initiative during a local government hearing on 3rd May. Payments will go live on 1st July and run through the rest of the year, the city said in a statement.
The move is perhaps slightly less surprising given the proximity of several digital currency startups in the region. Companies like Xapo, ShapeShift and Monetas are among several located in and around Zug.
Central Bank Digital Currency Brings Wider Access: Bank of Japan
A blockchain-based central bank digital currency issued to the public would allow wider and unrestricted access to payment and settlement systems, the deputy governor of the Bank of Japan said earlier
Levine on Wall Street: Bank Troubles and Oil Worries
JPMorgan had earnings.
It's a miss, $1.19 per share versus $1.31 estimates, with fixed-income revenue down in part because of the sale of the commodities unit, and in part because, you know, tradin
Levine on Wall Street: Capital Raises and Stress Tests
Deutsche Bank is raising some money.
Yesterday it announced that it's raising about 8 billion euros of common equity capital, mostly from an underwritten rights offering but also 1.75 billion euros
Cool Derivatives and Bank Consultants
I used to sell equity derivatives, and the way you sell equity derivatives is by telling scary stories about the future. Are you worried that the crisis in Ruritania will wreak havoc on your
Bitcoin's Creator Is Human. Get Over It.
Craig Wright, a compulsive degree collector from Australia, has officially laid claim to the name of Satoshi Nakamoto, the pseudonym used by the mysterious inventor of bitcoin. His motives are unclear
Bitcoin Is a High-Tech Dinosaur Soon to Be Extinct
For all the regulatory crackdowns on Bitcoin in recent weeks, the cryptocurrency's advocates remain unfailingly optimistic. Bitcoin is the future, they tell us; it heralds a future where private, stat
Levine on Wall Street: The Political Dominance of the Cabal
has a hobby
You know who thinks that George H.W. Bush masterminded 9/11 and that the CIA shot John F. Kennedy and a bunch of other stuff? Tower Research's Mark Gort
Ritholtz's Reads: The Case Against Hedge Fund Managers
Welcome back to the monkey house. Cuba, Apple, Hedgies, Greece all get featured in our Monday morning train reads:
What are you reading?
Billions Poured Into Currency-Hedged ETFs to Offset Stro