BERLIN — A Swiss city is banking on bitcoin.

Residents in Zug will be capable of use the cryptocurrency for funds of as much as $205 for some public providers starting July 1.

"You will be unable to pay your taxes with bitcoin, however for small charges … we’ll settle for the cryptocurrency," Lord Mayor Dorfi Mueller advised NBC Information.

Zug is believed to be the "first city worldwide to supply the service within the public sector," Mueller added.

An area dentists within the city of 24,000 individuals has additionally began to simply accept bitcoins.

Luzius Meisser, president of the Swiss Bitcoin Affiliation, advised NBC Information that the city council’s transfer was "sending a robust sign that crypto-startups are welcome right here."

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He described the city as "a focus for the scene."

The pilot undertaking shall be assessed on the finish of this yr earlier than city officers determine whether or not to increase the cost system to different providers or bigger quantities.