Switzerland is making a big way for Bitcoin!
This is indeed a huge move for the municipality of Chiasso in Switzerland to consider Bitcoin as part of their government’s transactions. This is also a huge stepping stone for Bitcoin to pro e its efficiency in this kind of transaction.
The municipality of Chiasso in Switzerland is to start accepting tax payments in bitcoin, according to a local news report.
The new scheme, to be put into place for the start of next year, was apparently made following discussion with various blockchain groups based in the area.
There are limits to the scheme, however, and tax payments made in bitcoin cannot exceed 250 Swiss francs (around $265), the report states.
The Mayor of Chiasso, Bruno Arrigoni, was cited as saying that the town is “recognised internationally as an epicentre of a growing technological and economic growth for both the canton and in Switzerland.”
Nicknamed the “CryptoPolis,” Chiasso is set on establishing itself as a rival to the country’s blockchainepicentre Zug, and has reportedly seen eight startups set up base there in the past few months.
Zug, which has become famous internationally as Switzerland’s “Cryptovalley,” announced it would allow citizen to pay for government services in digital currencies back in 2016. However, Zug has not made any move to integrate bitcoin tax payments as an option for its inhabitants.