Tax Payments Accepted in Bitcoin in Chiasso, Switzerland

Chiasso announced that it would take bitcoin to settle up to CHF250 ($265) of tax bills from the start of next year. The decision was taken after consulting with cryptocurrency and blockchain companies that have recently set up in the region.

Mayor Bruno Arrigoni said in a statement.

“Chiasso is recognised internationally as an epicentre of a growing technological and economic growth for both the canton and in Switzerland,”

In the last few months eight start-ups have established headquarters in the canton Ticino town.

Having lost tax revenues from the diminishing banking sector in the wake of the financial crisis, Chiasso has been looking for replacement industries, explained Umberto Balzaretti, head of the town’s administration.

The authorities have hit upon the fast expanding fintech and cryptocurrency sphere as the solution. Chiasso’s branding as CryptoPolis has pushed itself forward as an alternative start-up venue to Zug’s Crypto Valley.