Switzerland is quickly becoming a prominent nation in the world of Bitcoin. After Zug announced their Bitcoin acceptance, people have been waiting for the next incentive. It appears the Swiss municipality of Chiasso will accept tax payments in BTC come January. It is evident cryptocurrencies continue to gain momentum in this European country.
Switzerland and Bitcoin are almost two peas in a pod. There is no reason why cryptocurrency wouldn’t gain significant traction in this part of the world. Switzerland has always been an intriguing country when it comes to finance. Their recent “missions” to embrace Bitcoin only set the tone for the rest of the world. Even though this recent news only applies to the municipality of Chiasso, it is yet another major victory for cryptocurrency.
Chiasso Aims to Rival Zug
Do keep in mind this initiative will have certain limitations. First of all, payments will be restricted to 250 CHF. That is still slightly higher compared to Zug’s limit for tax payments in Bitcoin. It is evident Chiasso and Zug are trying to one-up one another. This type of activity will create a more competitive ecosystem altogether. The goal is to expand the cryptocurrency industry in these two regions as well as the rest of Switzerland.
As most people know, Switzerland suffers from a diminishing banking sector. This also means there are fewer tax revenues compared to what people would expect. Recovering those losses is not easy by any means. Bitcoin may turn out to be the perfect answer for this problem, although it is still too early to tell. Chiasso is a growing technological and economic epicenter right now. If their Bitcoin venture plays out, it sends a clear message to the rest of the world. Moreover, the canton is looking to attract more cryptocurrency startups moving forward.
This news is the result of months of collaboration between the Chiasso government and cryptocurrency entrepreneurs. Around eight small companies have set up their headquarters in this canton lately. That is a good start, to say the least. It is possible we will see the formation of a non-profit BHB foundation in the near future. Fostering innovation related to Bitcoin is of the utmost importance. There is no room left to keep ignoring this emerging trend any longer.
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