Home Business Tax Swiss municipality of Zermatt now accepts bitcoin for tax payments

Swiss municipality of Zermatt now accepts bitcoin for tax payments

The Swiss municipality of Zermatt now allows residents pay their taxes in bitcoin.

A statement on Wednesday, 29th January, stated that the new payment option is being offered via crypto financial services firm Bitcoin Suisse.

Using Bitcoin Suisse’s point-of-sale treatment and initiated in the Zermatt town hall, citizens can pay their local taxes in bitcoin.

For online payments, they will have to go to the Zermatt Tax Office for a crypto payment solution.

Bitcoin Suisse to convert Bitcoin to Swiss francs

Taxes paid in bitcoin will then be transformed into Swiss francs by Bitcoin Suisse and be transferred to the municipality’s bank account, the statement added.

According to the Mayor of Zermatt, Romy Biner-Hauser, creative, pioneering nature is one of the labels of Zermatt.

This is why they are happy to assist residents in providing them with the results they expect.

Swiss city Zug also started approving bitcoin for tax payments via Bitcoin Suisse in 2016.

The Swiss municipality of Chiasso started the initiative in 2017.

Chiasso, however, accepts bitcoin for small tax payments, up to a value of 250 Swiss francs ($256 or 0.028 bitcoin).

Zermatt is a municipality in the district of Visp in the German-speaking section of the canton of Valais in Switzerland.

It is a little town with a population of almost 6,000 and is classified as a town by the Swiss Federal Statistical Office (FSO).

Global authorities say Bitcoin for tax payment is risky

While Switzerland proceeds to broaden its crypto-financial services industry in terms of Bitcoin powered tax payments, some international administrations have assumed such a preference too dangerous due to Bitcoin’s high volatility.

On January 8, legislators in the United States’ New Hampshire state legislature withdrew a bill that would have enabled state agencies to receive cryptocurrency as payment for taxes.

According to the lawmakers, the initiative was not advisable to enact because Bitcoin’s price is not stable

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