Home to the iconic Matterhorn, Zermatt municipality has the second location in the world’s haven capital, Switzerland to officially let the residents pay off their annual taxes in the form of bitcoin, BTC.
The Zermatt municipality has now allowed collaborated with the Suisse, a leading company for crypto financial solutions in Switzerland to offer the taxpayers this payment option.
The Swiss Company Suisse To Translate Bitcoin into Swiss Franc
Suisse made an official announcement that it has started accepting Bitcoin as a payment mode for local taxes for people residing in the Zermatt municipality from January 28th, 2020.
By patterning with the Suisse company, the Zermatt municipality will receive the payment-their official bank account-in the form of Swiss Francs translated by the crypto-financial service provider.
Taxpayers Can Make The Local Tax Payments Online Or Via The Suisse Point of Sale
The local taxpayers of the Zermatt municipality have the freedom to pay off their taxes at the local point-of-sale system placed at the town hall of the municipality or make the payment via the online payment portal. But, the residents want to pay their taxes through bitcoin online, they have to apply directly to the tax office of Zermatt for a digital currency payment solution, the announcement adds.
The Mayor of Zermatt, Romy Biner Houser said that the new tax payment method is added with the objective to meet the increasing demand for Bitcoin-based tax payments. He stated:
“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.”
The Zug city of Switzerland was first to introduce to add bitcoin method in 2016, then said by the bitcoin Suisse. Cointelegraph reported that the capital of Switzerland, Zug Crypto valley include the bitcoin payment method for a variety of local services, public utilities than in May 2016.
While Switzerland has been working in the direction of expanding the crypto financial services for bitcoin-powered tax payments, several cities across the globe have dismissed this concept terming it too risk owing to the high volatility of bitcoin.
On January 8th, the United States New Hampshire state legislature has retracted the bill that let state agencies to receive payment in the means of crypto for taxes. As per to the lawmakers, the initiative was “inexpedient to legislate,” the prices of bitcoin are volatile.