Uncategorized Switzerland's Chiasso Lets Residents Pay Taxes In Bitcoin

Switzerland’s Chiasso Lets Residents Pay Taxes In Bitcoin

-

- Advertisment -Switzerland's Chiasso Lets Residents Pay Taxes In Bitcoin

The Swiss municipality of Chiasso is going to let residents pay their taxes in bitcoin, its mayor has announced.

The community, on Switzerland’s southern border with Italy, is vying with Zug to be the country’s cryptocurrency hub. Zug, which styles itself as “Crypto Valley,” launched a pilot last year in which it started accepting bitcoin payments for municipal services. The pilot was apparently a success, so Zug has kept the program running.

Chiasso—sorry, “CryptoPolis”—is going one further by accepting bitcoin for small tax payments, up to a value of 250 Swiss francs ($261).

“Chiasso is recognised internationally as an epicentre of a growing technological and economic growth for both the canton and in Switzerland,” Mayor Bruno Arrigoni said, according to local media. The move is apparently part of Chiasso’s drive to make up for contraction of the traditional financial sector after the financial crisis.

Zug’s scheme also caps bitcoin payments fairly low, only accepting them for a value of up to 200 Swiss francs. At the time of writing, one bitcoin is worth 4122.94 Swiss francs (and $4306.01).

While there may be something for these towns to gain by enticing cryptocurrency fans to set up shop on their turf, their caution makes a lot of sense too.

The value of bitcoin, along with other virtual currencies, has been particularly volatile in recent weeks, largely because of China’s cracking down on initial coin offerings (ICOs)—a trendy but risky form of fundraising that involves issuing new types of tokens—and possibly banning bitcoin exchanges altogether.

Source link

Switzerland's Chiasso Lets Residents Pay Taxes In Bitcoin
Bitnewsbot.comhttps://bitnewsbot.com
BitNewsBot.com aggregates the latest news around bitcoin, blockchain, cryptocoin, ICO's and FinTech, from all around the internet and publishes them in a single place.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Math-Based Approaches To Win Slot Games

If the 17th Century was the era of Blackjack, and 19th Century was the undisputed reign of...

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot machine industry is, full of technological evolution and the all-important...

Advice for Responsible Slot Gambling From an ex Addict

Thanks to a combination of improved gameplay and their availability on remote devices, the slots you can...

When You Should Stop Playing Bingo

Since its inception in the late 1800s, Bingo has enjoyed a remarkable rise to popularity, being a...
- Advertisement -Switzerland's Chiasso Lets Residents Pay Taxes In BitcoinSwitzerland's Chiasso Lets Residents Pay Taxes In Bitcoin

Why Bitcoin Will Succeed?

If Bitcoin will succeed or not is an interesting question. For the time being, Bitcoin holds a...

Elon Musk Tweets That “Bitcoin” Is Not His Safe Word

By now, you probably know that Elon Musk appears to have knocked up his girlfriend, Grimes. And just when you...

Must read

Math-Based Approaches To Win Slot Games

If the 17th Century was the era...

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot...
- Advertisement -Switzerland's Chiasso Lets Residents Pay Taxes In BitcoinSwitzerland's Chiasso Lets Residents Pay Taxes In Bitcoin

You might also likeRELATED
Recommended to you