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Bitcoin Enters The Tax Payment System Of Switzerland

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With Bitcoin making strides and massive integration of various financial activities with this crypto plethora, not much time is left when you can use this virtual medium to pay for your home delivered cheese pizza. However, you get your favourite pizza or not, the citizens of Swiss municipality residing in Chiasso can make use of their bitcoin wallet to pay some of the ongoing taxes. The state government will herald a trial and error mechanism from January 2018 which will allow local residents to fill in their tax payable slab up to 250 Swiss francs through the Bitcoin medium.

Also Read: Bitcoin Tax Policies, across various countries

This decision of the Swiss officials come as a direct effect of the government trying to attract more and more people towards the cryptocurrency form by creating a plying field for an increased number of digital currency start-ups who are believed to be filled with possibilities. Switzerland has been making massive efforts to attain the numero uno slot in the ever so dynamic world of cryptocurrencies. The launch of Crypto Valley Association blockchain consortium was backed by the country’s government early this year in Zug.

Canton has also started to accept payment for availing government services in terms of Bitcoin since its 2016 announcement of the same. Before adding a feather to its cap with the latest tax payment announcement, the country hot-shots spent months collaborating and consulting with business magnets pertaining to the digital currency spectrum such as Digital Identity to gain enhanced insights on this issue. Chiasso’s officials are also trying hard to rebrand their municipality under the nickname of “CryptoPolis.”

Bruno Arrigoni, the mayor of Chiasso feels that Switzerland is slowly becoming the epicentre of crypto movement and the setting up of 8 new firms dealing with the digital money arena will pave the path for more such companies to follow suit.

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Tarunuima Ghosh Laha
Tarunuima Ghosh Laha
Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.

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