Residents of Zermatt, Switzerland, can now pay their taxes in Bitcoin thanks to a recently announced cooperation between the local government and Bitcoin Suisse, a regulated financial intermediary and pioneer in crypto-financial services, based in Zug.
According to the announcement, a point-of-sale solution provided by Bitcoin Suisse has been already installed in the Zermatt town hall, so that fees for services from local authorities can be paid in Bitcoin. Notably, Zermatt thus became the second municipality—after Zug—to accept Bitcoin as an official means of payment.
“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.
The mountainous town in the Zermott Valley can now pay their taxes in Bitcoin. Image: Shutterstock.
After applying to the local tax office for a crypto payment solution, Zermatt’s residents will be able to access an online payment portal and transfer Bitcoin directly from their own crypto wallet. In its turn, Bitcoin Suisse will exchange Bitcoin into Swiss francs and transfer the required amount to the municipality’s bank account. So, while Swiss residents pay in Bitcoin, the government receives the taxes in Swiss francs.
“By accepting Bitcoin as a means of payment, Zermatt finds itself once more among the pioneers and supporting a growing ecosystem of cryptocurrencies,” added Armin Schmid, head of crypto payments at Bitcoin Suisse.
According to Bitcoin Suisse, this collaboration is yet another sign that cryptocurrencies are becoming more and more common in everyday life. As Decrypt reported last November, the Swiss government has also unveiled plans to improve frameworks for distributed ledger and blockchain technologies. In an announcement, Switzerland’s Federal Council said the proposals would increase legal certainty, remove barriers for blockchain applications and reduce the risk of abuse. If only they could stop the overwhelming numbers of hacks.