The small Swiss canton of Zug, famed for the low taxes that have drawn multinational companies and hedge funds to its lakeside shores, is trying to turn itself into a hub for virtual currency firms.
Over the past half century Zug has transformed itself from "the poorhouse of Switzerland", sustained by fishing and manufacturing, into a headquarters for commodity giant Glencore and a home to the outposts of hundreds of global companies, becoming one of the country's wealthiest provinces.
But with tax reforms and the end of banking secrecy posing a threat to its business model, the canton wants to re-invent itself as a "Crypto Valley" - a base for start-up companies using virtual currencies like bitcoin and related technology.
In July, the town of Zug, the cantonal capital, launched a pilot program allowing residents to make bitcoin payments for government services - a world first, according to Swiss media.
https://au.finance.yahoo.com/news/low-tax-zug-aims-become-030133483.html
Topic: [2016-10-04] Low tax Zug aims to become 'Crypto Valley' (Read 250 times)
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