The city of Zermatt in Switzerland – that is where is the famous Matterhorn mountain (Matterhorn) – officially announced the introduction of the service for the payment of taxes in bitcoin. This is the second town in Switzerland, where the cryptocurrency used to pay taxes.
In order to make possible the use of the new means of payment for taxes, power of Zermatt has partnered with Switzerland’s largest company with cryptovirology services Bitcoin Suisse.
According to the message Bitcoin Suisse, Zermatt has begun to accept bitcoin as a payment method for paying local taxes on 28 January 2020.
Working with Bitcoin Suisse, the power of Zermatt can now convert bitcoin taxpayers in Swiss francs via Bitcoin Suisse, which then transfers the amount in Fiat currency to the Bank account of the municipality.
Taxpayers can pay online or through the sale of Bitcoin Suisse in retail outlets.
In particular, local taxpayers will be able to pay your payments in bitcoins through a trading post established in the town hall of Zermatt, or through the Internet portal. However, in order to pay taxes bitcoin online, the taxpayers will need to apply directly to the tax office in Zermatt to get the app for cryptocurrency payments, the report says.
The mayor of Zermatt to Roma Biner-Hauser (Romy Biner-Hauser) noted that new tax is aimed at meeting the increased demand for tax payments on the basis of bitcoin:
“Innovative, pioneering spirit is one of the priorities of Zermatt, so we are pleased to support residents in providing them with the necessary solutions.”
Zug became the first in Switzerland who made available payments in bitcoin in 2016, according to Bitcoin Suisse. The capital of the Swiss crypto valley began to accept payments in bitcoin for certain city services, such as utilities, in may 2016. Payment was limited to the amount of 200 francs in bitcoins.
Despite the fact that Switzerland continues to expand its sphere of cryptovirology services, in particular the payment of taxes in bitcoin, some of the higher authorities think this option is too risky because of high volatility of bitcoin.