One community in Switzerland dubbed Crypto Valley, has decided to start accepting Bitcoin payments for train tickets. This was agreed upon during the council meeting earlier today, as they now accept Bitcoin payments for bills up to 200 Swiss Francs
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Crypto Valley Embraces Bitcoin Payments
Very few people will have heard of Crypto Valley – located in the Zug canton – so far, even though this community in Switzerland has been around for quite some time now. With 15 companies focusing firmly on the FinTech industry, it only seemed a matter of time until Bitcoin became a topic on the agenda.
In fact, that topic has been touched upon by the Crypto Valley government officials earlier today, as they held a city council meeting to talk about Bitcoin. As a result of this session, Bitcoin payments are now accepted for all purchased train tickets, as long as the amount does not exceed the CHF 200 mark.
Crypto Valley Mayor Dolfi Muller told the media:
“We want to express our open-mindedness regarding new technology, and try to experience everything the FinTech sector has to offer. We will exchange ideas with the local companies, as well as convey our vision with other municipalities in the country. We want to fulfill consumer needs and provide an optimal living and financial environment.”
For the time being, Bitcoin payments are only accepted for amounts up to 200 Swiss Francs in the Crypto Valley area. However, an analysis will be conducted at the end of 2016, to determine whether or not this experiment is worth continuing, and even expanding further. If this would be the case, the payment limit will be raised, and Bitcoin can be used for other types of governmental services as well.
Given the global nature of Bitcoin as a decentralized form of payment, it seems to make sense for local communities to expand with Bitcoin payments. These types of transactions can be completed in real-time, and due to its low fees, there are a lot of benefits to accepting cryptocurrency payments. Even though Switzerland is well-known for their banking system, many consumers are looking well beyond traditional finance.
What are your thoughts on Crypto Valley embracing Bitcoin for train ticket payments? Let us know in the comments below!
Source: Stadt Zug
Images courtesy of Shutterstock, Crypto Valley