Swiss town to accept bitcoin payments

The Swiss town of Zug has decided to allow bitcoin payments for up to $206. This is part of an effort by municipal bosses to brand the town as "Crypto Valley," according to a report by Fortune.

Residents will be able to use bitcoin to pay for some municipal services. The town council will accept bitcoin from July 1 through the end of 2016. The council will then decide whether the town should continue to accept bitcoin or other cryptocurrencies as payment.

Dolfi Muller, the mayor of the town, wants to showcase the town's willingess to try new technologies. Zug is already home to more than 15 fintech companies, according to the report.