Why did both Swiss municipalities decide to introduce the ability to pay taxes with BTC with such tiny limits?
Are they scared of the volatility? Will they sell the attained BTC immediately at spot price or accumulate them?
The article doesn´t provide a lot of details regarding the actual execution of BTC tax payments.
Nevertheless, this looks like a good development!
Topic: [2017-09-10] Chiasso, Swiss Municipality to Allow Citizens to Pay Taxes in BTC (Read 2244 times)
September 10, 2017, 03:58:47 AM
September 10, 2017, 12:13:40 AM
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.
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.
Source Link
https://news.bitcoin.com/chiasso-switzerland-to-allow-citizens-to-pay-taxes-in-bitcoin/
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.
Source Link
https://news.bitcoin.com/chiasso-switzerland-to-allow-citizens-to-pay-taxes-in-bitcoin/
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