Uncategorized Switzerland's Chiasso Lets Residents Pay Taxes In Bitcoin

Switzerland’s Chiasso Lets Residents Pay Taxes In Bitcoin

-

- Advertisment -

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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which has grabbed the attention of countless people from different countries....

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone in Bitcoin's path to broad acceptance and recognition. The State...

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...

Ministry of Foreign Affairs of Denmark may use Blockchain to tackle corruption

We have already moved to the stage in our lives where technology plays an important role in...
- Advertisement -

What Lessons Can The World Learn From Venezuela’s Newfound Love For Crypto?

It is often the case that great changes are forced out of necessity, rather than a willingness...

How Bitcoin Capitalization Affected In 2020 on the Quarantine Background

Although the weeks of quarantining are gradually easing off, the impact of dealing with the deadly coronavirus...

Must read

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which...

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone...
- Advertisement -

Read Next
Recommended to you