Swiss Municipality, Chiasso plans announces plans to accept Bitcoin for taxes

On September 8, 2017, the swiss municipality of Chiasso declared its plans to accept Bitcoin for tax payments, starting from January 2018. This decision was part of a broader strategy to establish itself as a center for financial technology and cryptocurrency startups, earning the nickname “CryptoPolis.”
 

Chiasso’s decision came after consultations with various bitcoin companies that had set up in the region. The town, located on the Italian border, had been seeking new industries to replace tax revenues lost from the diminishing banking sector following the financial crisis. By embracing the rapidly expanding fintech and bitcoin sphere, Chiasso aimed to attract international startups and position itself as a rival to Zug’s “Crypto Valley.”
 

The authorities decided to allow tax payments in Bitcoin up to a limit of CHF 250 (approximately $265 at the time), a move that was seen as a significant step towards the adoption of bitcoin in everyday transactions.