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Zurich Rejects Initiatives in Switzerland by Refusing Bitcoin Payments

Last Updated March 4, 2021 4:50 PM
Rebecca Campbell
Last Updated March 4, 2021 4:50 PM

The Swiss capital has taken the stance of refusing to allow bitcoin payments, going against the creativities throughout the country.

According to local news outlet, Finanz Und Wirtschaft , there are no plans to implement the digital currency into the city at present. The city council of Zurich believe that bitcoin won’t prevail and have refused bitcoin payments of fees or taxes.

This news, of course, goes against a similar idea that was unveiled in the Swiss city of Zug, which has proved popular within the city. In early May, Zug undertook a city council meeting and by the end of it the digital currency, bitcoin, was accepted as a valid form of payment, reports CCN.com.

In 2014, it seemed that Zurich was tentatively leaning toward bitcoin by opening a bitcoin exhibition at the Money Museum in Zurich. Its aim was to educate people on bitcoin and the ideas behind the digital currency. Despite this, though, the city seems adamant that bitcoin won’t be playing any further role for the time being.

According to the city council, public confidence is considered a valuable asset and they don’t want to compromise the reputation of the city, ‘by embarking on a virtual currency, which carries a high risk of abuse and loss.’

The Zurich city council is reported as saying to the Finanz Und Wirtschaft that:

The City Council is not aware that citizens wanted [to be] paid fees or taxes in bitcoin.

Bitcoin Uncertainty in Zurich

Even though bitcoin has been accepted in the city of Zug, the decision to reject bitcoin in Zurich goes against the trend.

Yet, as a major fintech centre, the council added that if digital currencies prevail against expectations as a generally excepted means of payment, and the legal situation improves, then the city of Zurich will be able to enter the bitcoin race with relatively little effort.

Featured image from Shutterstock.