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Bitcoin and Etheras means of payment in Zug

November 6, 2017 | News

Zug Commercial Registry Office accepts Bitcoin and Ether as means of payment

As of 2 November 2017, fees can be paid at the Zug Commercial Registry Office (Switzerland) with the cryptocurrencies Bitcoin and Ether.

Cryptocurrencies are money in the form of digital means of payment. The principles of cryptography are used to implement a decentralised and secure digital payment system. The most common cryptocurrency is Bitcoin. Payments with Bitcoin and Ether at the Zug Commercial Registry Office are possible due to its cooperation with Bitcoin Suisse AG, which offers the Zug Commercial Registry Office a solution, due to which Bitcoin and Ether can be accepted as a means of payment free of charge, without any risk of conversion. The Zug Commercial Registry Office thus carries no risk of price fluctuations.

To this end, Bitcoin Suisse AG provides the Zug Commercial Registry Office with a Payment Gateway or a Merchant Site for payment processing. Besides, the Office can issue invoices via Payment Gateway, which can be paid by customers with Bitcoin and Ether. After an invoice is paid, the corresponding amount in cryptocurrency is automatically changed by Bitcoin Suisse AG to Swiss francs and then transferred to the Commercial Registry Office. Thus the Office receives exactly the amount of Swiss francs which it has invoiced to its customers.

For some time now the Zug Commercial Registry Office has also been dealing with blockchain and cryptocurrency matters in other contexts. Among other things, the Office in Zug was the first one in Switzerland to register a company with an in-kind contribution in Bitcoin on 25 September 2017.
Furthermore, the Zug Commercial Registry Office is a partner of a digitisation project regarding the founding process of AGs or GmbHs. The idea behind the project is how the start-up process of an AG or GmbH can become simpler and faster.

At the same time, digital innovation should help to abandon paper while ensuring a high level of security.

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.
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