Swiss Municipality to Accept Bitcoin for Tax Payments

Investing, News, Now Accepting, Regulation | September 11, 2017 By:

The Swiss municipality of Chiasso will soon allow its citizens to pay taxes in bitcoin. Beginning in January, 2018, the municipality will initiate a trial that will permit area residents to use bitcoin for up to 250 Swiss francs of taxes.

The move to accept bitcoin comes as an effort to compensate for the tax revenues being lost due to the diminishing local banking sector, and also in order to solidify the local cryptocurrency industry.

Chiasso mayor Bruno Arrigoni stated that Chiasso is recognized internationally as an epicenter of a growing technological and economic growth for both the canton and in Switzerland. Local officials have sought to brand the municipality as “CryptoPolis” in a bid to attract cryptocurrency start-ups.

Arrigoni also states that it will consider participating as a founding partner in the formation of a new non-profit foundation based in Chiasso, which will involve some of the top exponents of the bitcoin technology.

The municipality also announced measures intended to foster innovation in its local cryptocurrency industry, including the development of “in-depth courses in upper secondary schools” designed to bolster cryptocurrency literacy among students. Chiasso will also regularly host meetups dedicated to cryptocurrency, which will be attended by international representatives starting from October.

Chiasso is the second Swiss municipality to accept bitcoin payments for municipality services. The Swiss town of Zug, also known as Crypto Valley, currently accepts taxation payments in bitcoin of up to 200 CHF, and since July has received more than 40 payments in bitcoin.