Bitcoin gains more acceptance
A town in Switzerland has begun to accept Bitcoin payments for certain city services. The northern town of Zug decided to allow Bitcoin payments earlier this month for public services as a part of a trial run. The municipality services will be capped at 200 francs worth of Bitcoin, and include services like public utilities. The trial run will extend through the end of 2016, and is intended to assess the long-term economic viability of accepting cryptocurrency for public services. Zug part of “crypto valley” The canton of Zug, where the town of Zug is located, is home to what is known as “crypto valley,” a geographical area home to many Bitcoin and blockchain-based startups. The area profits from a favorable business climate and includes companies prominent in the cryptocurrency world such as Xapo and ShapeShift. Mayor Dolfi Müller says: “We want to express our openness to new technologies…Our goal is to meet their [fintech entrepreneurs] needs for optimal developmen