The Swiss municipality of Zermatt has introduced a Bitcoin tax payment option in partnership with the crypto company Bitcoin Suisse.
Zermatt Now Accepts Bitcoin Tax Payments
As per a recent, announcement by Bitcoin Suisse, the Swiss city of Zermatt has now become the second city in Switzerland which lets residents pay their taxes Bitcoin (BTC). Notably, the announcement added that taxpayers can now pay their local taxes and official transactions in Bitcoin with immediate effect.
Moreover, a point-of-sale solution developed by Bitcoin Suisse has already been installed in the Zermatt town hall. This will enable the residents to pay their taxes to the local authorities. With this, Zermatt has become the second city in Switzerland to accept Bitcoin tax payments after the city of Zug.
Additionally, it is worthy of note that the Swiss authorities will not directly receive the tax payments in Bitcoin. Rather, Zermatt’s residents will be able to pay their taxes in BTC to Bitcoin Suisse. In turn, Bitcoin Suisse will convert taxes paid in Bitcoin into the corresponding value of Swiss francs. Thereafter, the crypto firm will transfer the amount in CHF to the municipality’s bank account, per the announcement.
Commenting on the development, Romy-Biner Hauser, Mayor of Zermatt, who said:
“An innovative, pioneering spirit is one of the trademarks of Zermatt, which is why we are happy to support residents in providing them with the solutions they require.”
Switzerland at the Forefront of Crypto Business
Unlike the vast majority of the countries in the world including China, India, U.S., among others, that still don’t have a firm stance to show with regard to digital currencies, Switzerland has emerged as an undisputed leader in the global cryptocurrency ecosystem.
With more such pro-crypto developments coming out of the landlocked nation, one can expect the Swiss to be the global crypto pioneers for at least the coming few years.
