Since January 28, 2020, the authorities of Zermatt, a municipal district of Switzerland, have allowed paying taxes in bitcoin(BTC) supported by Swiss cryptocurrency company Bitcoin Suisse.
It is reported that Bitcoin Suisse willconvert taxpayer bitcoins into Swiss francs, and then transfer them to the municipality's bank account. Local residents will be able to pay taxes in BTC online or through a special terminal installed in the Zermatt administration building. Before transferring the amount in bitcoins to the online portal, citizens will have to contact the Zermatt Tax Office to get permission to pay the tax in cryptocurrency.
“The new way to pay taxes in Bitcoin will bebe in demand among the local population. We are excited to bring our residents the innovative solutions they need,” — said the mayor of Zermatt, Romy Biner-Hauser.
It is worth noting that this is not the first time Switzerland has introducedpayments in cryptocurrency. In 2016, Zug became the first city in the country to accept BTC for utility payments. Since then, Zug has become popular with cryptocurrency companies due to its lax regulation and has even been called the “Crypto Valley.”
However, last September, PresidentSwiss National Bank Thomas Jordan has expressed concerns about cryptocurrencies and stablecoins, calling them “speculative investment instruments” that could, under certain circumstances, disrupt Swiss monetary policy.
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