The Swiss municipality of Chiasso has announced that it will accept tax payments in bitcoin from January 2018 onwards. The announcement signifies a further gathering of momentum for Switzerland’s bid to become a global leader in the bitcoin and cryptocurrency industries, with Chiasso seeking to rival Zug’s Crypto Valley as a major global hub for bitcoin adoption and innovation.
Also Read: ICO Regulatory Round-Up: UK, Malaysia, and Switzerland’s Crypto Valley Point to Risks
Chiasso Citizens Will Be Able Use Bitcoin to Pay Taxes in Quantities of up to 250 Swiss Francs Starting January 2018
Chiasso, Switzerland is seeking to establish itself as a global hub for bitcoin adoption, announcing that citizens can now pay their taxes using bitcoin. The announcement further solidifies Switzerland as a world leader in bitcoin adoption, with Chiasso moving to compete with Zug as the dominant Swiss center for cryptocurrency innovation. Chiasso will begin accepting bitcoin as a form of taxation payment beginning in January 2018, with the city planning to trial the method by initially restricting payments to values up to 250 Swiss francs (CHF). Zug currently accepts taxation payments in bitcoin of up to 200 CHF, and since July has received more than 40 payments in bitcoin.
Chiasso officials are hoping that the expanding cryptocurrency industry can replace lost tax revenues from the diminishing local banking sector. Chiasso mayor, Bruno Arrigoni, has 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.
The Chiasso Mayor Has Met With a Number of Cryptocurrency Based Businesses in Recent Months
The Chiasso administration has taken a number of steps designed to attract cryptocurrency companies. Chiasso’s mayor is reported to have met with numerous cryptocurrency entrepreneurs in recent months, with the mayor claiming that eight start-ups have recently established headquarters in the municipality. The press release also states that “the Executive will evaluate the possibility of participating as a founding partner in the formation of a non-profit BHB foundation, which will involve some of the highest representatives of Chiasso’s Blockchain / Bitcoin technology.”
Chiasso’s government 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.
Do you think that Chiasso will be successful in its bid to rival Zug as the Swiss center for cryptocurrency innovation? Share your thoughts in the comments section below!
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