Pay your taxes with Bitcoin!
No one wants to pay their taxes, but now you can pay them in Bitcoin, at least in one part of the world.
Recently it was announced in Chiasso, Switzerland that citizens can now pay their taxes in Bitcoins.
Chiasso is a municipality of Switzerland, located in the southern most tip of Switzerland, right near the border with Italy.
It is not very large, with a population of roughly 8,500 people. However, the announcement further signifies the intent of Switzerland to become a global leader in the Bitcoin and cryptocurrency industries.
Is there a limit to how much taxes citizens can pay in Bitcoin?
Currently, yes.
Citizens can pay their taxes in Bitcoin up to 250 Swiss Francs, which is roughly equal to $268 USD.
This will be fully implemented and allowed by January 2018.
As you can see, it is not a lot of money, but it is a step in the right direction. I would imagine if things go well with this smaller amount, and the industry becomes more widely adopted, the limits will only increase.
In fact, the more I read the more it looks like these low limits are just set for the initial trial run with plans of increasing them substantially.
Paying taxes with Bitcoin is not new in Switzerland, it is going on in Zug, Switzerland already.
Zug is much larger than Chiasso and has already been allowing their citizens to pay taxes in Bitcoin for some time now.
Zug currently has a population of around 30,000 people and since July of this year has received more than 40 tax payments made in Bitcoin already.
The current payment limit in Zug (for Bitcoin) is 200 Francs. Which is roughly $212 USD.
They are also looking at raising those limits.
Why is Chiasso/Switzerland doing this?
The hope is that the expanding cryptocurrency industry can replace lost tax revenue from the diminishing local banking sector.
According the Chiasso mayor, Chiasso is starting to be recognized internationally as an epicenter for technological innovation.
There has even been a push to re-brand the area as "CryptoPolis" to help further establish the cryptocurrency narrative in the region and attract crypto focused individuals.
The Mayor of Chiasso has taken numerous steps designed to attract cryptocurrency companies to the region.
Over the past several months, he has met with several cryptocurrency based businesses and entrepreneurs.
Already, 8 cryptocurreny startups have established their headquarters in Chiasso.
That is all well and good, but this last part is the really exciting news in my opinion...
The Chiasso government announced the development of education courses in upper secondary schools designed to bolster cryptocurrency education among students.
They are teaching young people about blockchain and cryptocurrency!
If something like this were to catch on with other education systems, the technology behind blockchain and cryptocurrency would take off at an ever faster rate than it is currently.
Some countries are embracing the technology while others are scrambling to ban it.
It is interesting that some countries are trying to outlaw these things while others are embracing them with open arms.
If more countries/cities start following the lead of Chiasso (among others) and start doing things like this, the countries that are outlawing will probably be forced to reconsider.
I would imagine their plan all along has been to effectively regulate these things more so than just outright banning them in the first place.
Times are a bit rocky at the moment in the crypto industry, but news like this encourages me that these things are not just going to go away.
Stay informed my friends.
Sources:
https://news.bitcoin.com/chiasso-switzerland-to-allow-citizens-to-pay-taxes-in-bitcoin/
Image Sources:
https://en.wikipedia.org/wiki/Chiasso
http://www.newsbtc.com/2016/10/30/36490/
Follow me: @jrcornel
Wow interesting news, waiting for that in the UK. It should be possible unlimited, since taxes on btc dont have a limit as well
It's great more and more people are accepting Bitcoin. But why would I want to hand over my bitcoin to the the government?
http://www.FlippyCoin.com is the #1 Cryptocurrency Exchange!
Welcome to Woldwide bittrex exchange pump channel
The bittrex force of Koreans is powerful.
Last year our pumping room was highly trusted.
Do you think 500% ~ 1500% profit is impossible in a week?
We'll show you this is true.
With accurate chart reading, we plan to periodically pump.
We are recruiting people all over the world, and we do not need your money for free!
Just watch it. Install the telegram app and get in the channel.
Join Telegram channels http://telegram.me/DvaPump
안녕하세요. bittrex 거래소 펌핑 방입니다.
저희 한국인들의 bittrex 세력과 펌핑은 매우 강력합니다.
작년에 저희 펌핑방은 각종 코인 펌핑으로 크게 신뢰를 쌓았으며,
법적문제가 현재 있지않아, 다시한번 여러분들께 역사를 다시 써나가려고합니다.
일주일에 500% ~ 1500% 수익이 불가능할 것 같나요?
저희가 보여드리겠습니다. 우리방만의 노하우와 진실을
정확한 차트 리딩과 함께 저희는 주기적으로 펌핑할 예정입니다.
현재 전세계 사람들을 모집하고있고, 회원님들 돈 강요하지 않습니다. 공짜입니다.
구경만 하셔도 좋으니 텔레그램 어플 설치하고 저희 채널에 들어와주세요 ^^
텔레그램 입장해주세요. http://telegram.me/Dvapump
This is the tokens that will grow. Proven by solid ecomomists. For the new exchange on October WCX offers a pro experience with 10x lower fees guarantee , Get yourself 50 FREE tokens!!! (10 WCX = 1 USD at ICO price), https://wcex.co/?ref=MPCIbEPD
This a big step toward legitimizing Bitcoin everywhere. Nice post thank you
sir really great information, Nice post thank you
We might need that in the future. Who knows????????
Nice post very informative, if I have to pay any taxes this year I plan to withdraw the money either from a BTC-ATM or debit it from my Bitpay card. Usually I get money back though. I notice you post a lot about regulations on crypto. Do you want to see strict regulations on Crypto like BTC, LTC, etc...? Some order I guess? Instead of a totally decentralized system?
lol this makes alot of sense
Indeed
Well finally some smart governments, why would a government their taxes be paid in fiat currencies, when Bitcoin is an option. This trend will definitely catch on around the world. Great post, followed @rishherbalist.
This is very encouraging. It is interesting to watch the differing approach that countries are taking. The Swiss see crypto as a windfall and opportunity to profit. Others, mostly in places with a central bank, like the US wants to control it. Who will win in the end? We shall see.
As for paying for taxes in Bitcoin, I dont think I would do that. Being in the US, I would rather pay in the USD which is going to be worth less in 5 years as opposed to BTC which will be worth much more in my opinion. Get rid of the worthless currency.
Thanks for the post.
@originalworks
The @OriginalWorks bot has determined this post by @jrcornel to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
To nominate this post for the daily RESTEEM contest, upvote this comment!
For more information, Click Here!
yes it very encouraging.
The irony of paying taxes with bitcoin. Ha!
thank. for post
I dont think I'd waste my BTC like that lol!
Your money can now be stolen with credibility!
😂😂😂
That's precisely what i just thought!