Another Swiss town now accepts bitcoin for tax payments

Bitcoin • January 29, 2020, 7:46AM EST
UPDATED: January 29, 2020, 10:56AM EST
hpgruesen/ Pixabay

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

The new payment option is being offered via crypto financial services firm Bitcoin Suisse, according to an announcement Wednesday. Zermatt is a small town with a population of nearly 6,000.

Using Bitcoin Suisse’s point-of-sale solution, installed in the Zermatt town hall, residents can pay local taxes in bitcoin. For online payments, they will have to apply to the Zermatt Tax Office for a crypto payment solution.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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

“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,” said Romy Biner-Hauser, mayor of Zermatt.

Swiss city Zug also started accepting bitcoin for tax payments via Bitcoin Suisse in 2016. The Swiss municipality of Chiasso began 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).

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

More by Yogita Khatri