"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.
Bitcoin Core Roadmap Unveils Signature Optimization Plan
Bitcoin Core developers released a new technology roadmap today that charts the project's planned transition from its current digital signature algorithm to a more advanced alternative.
Bitcoin Has Grown beyond Volatility Issues
The volatile nature of Bitcoin and other cryptocurrencies has worked both ways. Traders peg their hopes on volatility to make money while those who prefer investing long-term dread the price fall.
Report: Bitcoin Social Media Scams Are On the Rise
The rise in popularity and price of bitcoin has led to greater instances of scams perpetrated through social media, according to a new report.
Released by ZeroFOX, the report categorizes these new
BATS Objects to Bitcoin ETF Ruling, Plans to Appeal Decision
BATS Global Markets, a global stock market exchange based in the US, plans to appeal the March 11 decision of the Securities Exchange Commission to turn down the approval of the Winklevoss twins’
Blockchain is Overhyped and Not Quite Applicable: VC Andrew Parker
Andrew Parker, a partner at Spark Capital, a New York-based venture capital firm which transformed various early-stage startups including Twitter, Tumblr, Stack Exchange and Foursquare into
Forking is Easy, Maintaining Bitcoin Unlimited is Hard: Andreas Antonopoulos
Bitcoin and security expert Andreas Antonopoulos noted that the execution of a hard fork solution like Bitcoin Unlimited isn’t necessarily the difficult stage of development. The challenging task is
Canadian Regulator: Blockchain & Fintech Needs Open Data Access for Development
Canada’s largest securities regulator has stated that open access to data is fundamental to developing fintech solutions like blockchain technology, in a white paper, reports Reuters.
(+) Investment Recommendations: March 23rd
Bitcoin, Daily Chart
The long-term picture is still clearly positive for the most popular cryptocurrency, despite the recent volatile correction. The major trend channel is still in play, with