The city of Zermatt Switzerland now accepts bitcoin tax payments

The municipality of Zermatt, Switzerland, home of the iconic Matterhorn, is now the second location in Switzerland where taxpayers can pay their taxes in Bitcoin (BTC).

To unlock the new tax payment option, Zermatt authorities have partnered with Switzerland’s leading crypto financial services company Bitcoin Suisse.

Bitcoin Suisse will convert Bitcoin into Swiss francs

According to a Bitcoin Suisse announcement, Zermatt began accepting Bitcoin as a means of paying taxes and local transactions on January 28, 2020.

By partnering with Bitcoin Suisse, Zermatt authorities can now convert Bitcoin of taxpayers into Swiss francs through Bitcoin Suisse, which then transfers the amount in fiat currency to the municipality’s bank account.

Taxpayers can pay online or through the Bitcoin Suisse point of sale device.

Specifically, local taxpayers will be able to pay their taxes in Bitcoin through a point of sale tool installed in Zermatt city hall or an online payment portal. However, to pay taxes with Bitcoin online, taxpayers must request a cryptographic payment solution directly from the Zermatt Tax Office, the announcement said.

Romy Biner-Hauser, the mayor of Zermatt, described that the new tax payment option aims to meet the increased demand for Bitcoin-based tax payments:

     “An innovative and pioneering spirit is one of Zermatt’s trademarks, so we are pleased to help residents provide them with the solutions they require.”

The city of Zug became the first in Switzerland to accept Bitcoin payments in 2016, said Bitcoin Suisse. As reported by Cointelegraph, the capital of the “Crypto Valley” of Switzerland began accepting Bitcoin payments for certain city services as public services in May 2016. According to reports, the payment was limited to 200 francs in Bitcoin.

While Switzerland continues to expand its crypto financial services industry in terms of Bitcoin-driven tax payments, some global authorities have recently considered this option too risky due to Bitcoin’s high volatility.

On January 8, lawmakers from the New Hampshire state legislature in the United States retracted a bill that would have allowed state agencies to accept cryptography as payment of taxes. According to lawmakers, the initiative “was not adequate to legislate,” since the price of Bitcoin is not stable.

Cryptocurrencies and blockchain-bitcoin technology already have factual, technical, real applications for the collection of municipal taxes, the transparency that can be seen from the use of resources is possible to follow it from this technology that has revolutionized the different strata of the society, it is possible that in a short time other countries initiate, the tests to adapt their accounting so that users can honor their obligations with bitcoin. Waiting for new announcements

Reference: cointelegraph.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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