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
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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.
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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!
Yes, In our country govt announced that soon bitcoin, onecoin and some more currencies will have taxes !
does ONECOIN really have value ?
its been long i heard about it
dude onecoin is scam bro lol
You're definitely right, I've never heard of that ish.
no its a pyramid scheme that claims to be the "next bitcoin" . they have no prove of blockchain and the people who operate onecoin have been in ponzi schemes before
bitcoin may pay everything
waiting for the day until governent doesnt accept other currencies than btc for taxes :)
If they legalize btc, banks will collapse.
Great! Now people can pay with real money!
This post was very informative thank you for sharing
you have my upvote & resteem
Keep smiling, reading, writing and voting!!!
@mannyfig1956
That's not fair, I think this is cheating. It must be stopped.
bitcoinization of world... I can't decide if it's good or bad
Silly me, here I was thinking that what was creating the crypto-boom is NOT having to pay taxes! So that we as humanity keep $ out of the psychopathic sectors' hands so they can't keep using our own wealth to incarcerate and murder us and other ppl. Clearly, I was mistaken! Thanks for this brilliant "piece"!
Heavy, dripping sarcasm*
Taxation is theft.
Statism is slavery.
All human interactions should be voluntary.
"FROM MY COLD STORAGE WALLET!!!!"
minarchists are everywhere, even some socialists find crypto-coins tempting in some degree.
"Minarchist" is a fancy way of saying Statist. So indeed minarchists are everywhere.
#CallingSpadesSpades
crypto currency is taken over the world. very soon everything will be done with it.
Paying taxes with Bitcoin! That is a surprising development. I don't believe any country currently allows payment of taxes in gold or silver. Wow, Bitcoin just scored another big innovation over precious metals!
Why pay taxes? Check out Jeff Burwick's material.
Anarcast and dollar vigilante
anarcopulco!
This is really awesome news for the crypto world.
The most exciting part is the teaching of blockchain and cryptocurrency to secondary schools.
It is also an opportunity for us here to learn about crypto now, so that when our governments decide to teach crypto to schools,guess who will be hired?
We the Steemians will be hired.
I am in Uganda and many people are still green about Crypto and it is why i keep learning more about the industry.
I am optimistic i will be a consultant soon in crypto.
Let us be optimistic about crypto
Just go for it, make Meetups and such to educate your friends and family at first and then go bigger.
True i am currently meeting university students and talking to to hem about Steemit.
I am going full swing.
Ironic. Somehow this seems counterproductive to the whole concept of decentralized libertarian sovereign currency for the people. Banks and taxes are the epitome of oppression, slavery and mass complicity. Shame, and to think no one would see this. Like sheep to the slaughter comes to mind for some strange reason. This could be another chapter in the Idiocracy 2.0
Digital currency is inevitable. You will always be able to remain anonymous by different means or currencies, fortunately ;)
I think the combination of being proactive and using the right digital currencies with the appropriate tech is the key to staying anon and avoiding big brother spying eyes, especially concerning wealth preservation.
We pay miners fees this is our taxes :)
Finally Cryptocurrencies start to be more acknowledged by the public und the gvt. This is one more step towards a general use of cryptocurrencies all over the world. Hopefully this developments continue in the future and things like the recent incident with China forbidding ICO's remain exceptions.
and my country still ignore bitcoin
Switzerland does seem to be the place to be right now for bitcoin and blockchain related happenings, you can even purchase bitcoin at their train stations https://www.sbb.ch/en/station-services/services/further-services/bitcoin.html
Paying your tax in bitcoin would certainly bring in some revenue to the taxman that probably would be avoided, I look forward to seeing how the rest of the world looks at bitcoin and tax.
Unless you are dealing with a large amount then I don't think you really have too much too worry about at the moment anyway.
Im following everyone that commented here
Great news!!!
Upvoted, Resteemed and Tweeted!
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it is quite motivating for cryptocurrency miners...its is surprising how bitcoin os making its place in the economy of world
Bitcoin may trade able in every country but, china . . . . . so sorry . . . . . .
And while we are on the subject of taxes... pay your capital gains taxes.!!!!!!! I don't want to crypto being associated with tax evasion or anyone going to jail.
Why not? Do you want to continue to be a slave to your government masters?
I like to believe that the majority of the crypto community are law abiding people that want to give Crypto a good name. Lol, but go ahead and do what you got to do, man. Break the law if you need too. I'm obviously not going to stop you.
This isnt a rant. just politly passing on some information. Much Love jawilder!
Look at it from a different angle.
Your living the life of a slave. To a government that extorts money from you. You do it willingly and with pride. Which is a classic example of Stockholm syndrome.
"I'm a tax payer!" or"I'm Law abiding"That actually means. "I'm an extortion victim!"I'm a Rule Follower. Doesn't mean your a good person at all.(generally speaking) It just means you do as your told . Like a good slave.
All government and regulations are going to be a relic of the past. Everything will be blockchain. For now. Fear will keep you paying taxes. The fear of punishment for not paying their extortion fees.(aka taxes) Just be aware there are opportunities to break free now!
Block chain everything!
No I don't know how to block chain everything. I also know that "how" doesn't matter. Pandora's block chain is opened and it can't go back in. True freedom is now for some, and coming soon for all.
Do research on this an you will see.
#anarchy
I am libertarian just as much as the next guy and I understand your point of view very well. While I would love to just jump into crypto acting as legal tender (and not subject to capital gains tax) I'm looking at it from the point of view that government being a major threat to the space . The gov is ITCHING for any reason to label this a bad thing and to regulate the hell out of this market. In these early days the last thing we need is a bunch of people evading taxes giving them that opportunity they are waiting for. While they technically can't do anything to the block chain in reality it will scare new money from entering the space; this, slowing ts adoption massively. .. and yes, taxes are extortion...and yes, people pay it out of fear (including myself)... but as the tax code is written currently I do not see any legitimate way around it.
Government has used intricate wording and outright lies to keep you paying. There are loopholes in any system. I have found a few. Im sure many otheres have aswell. I'm happy your "aware" as you state. I posted part of conversation we have had. Here is a response to our conversation.
"Taxation is theft! the government are thieves! Blockchain will save us - Blockchain is an open ledger system with credits not backed by the US government - therefore they have no claim on my cryptocurrency any more than they have claim on my monopoly winnings....
Im definatly not the only one and neither are you. If you pay anything to the government for you bitcoin your volunteering to doing so. You are not bound to do so at anytime. I hope you can summon the courage to make moves against your government by not supporting it and developing alternatives.
I'm glad we are able to have a civil discussion about this even though we have differing perspectives. And I am glad someone agrees with you; but to say the government "has no claim on my cryptos" is a statement that will never stand up in a court of law or the IRS code. It does not matter that it is not backed by the US government; neither is gold, it is still categorized as a asset subject to capital gains. Go ask your tax professional.
But perhaps I may have sent a confusing message; allow me to clarify. I am not disagreeing with you. I am a fan of small gov. I am a fan of free market. I hate seeing my pay check cut in half from taxes. In an ideal world I would love to not pay and do what ever the hell I want. With that said, try to see it from my point of view. From a cost benefit analysis perspective, the potential consequences (in my opinion) out weigh the benefits. If I don't pay taxes everything could be fine, but I may also have to go to jail or pay backed taxes (I hear jail is not a good place to go).
Its a great News @jrcornel ..... definitely It will boost value of Digital currencies... and on the other hand Switzerland will become the pioneer towards this revolutionary step .... It will improve its tax revenue and people will have a best alternative of paying their taxes.....
Respected @jrcornel, the mayor of chiaso took a great initiative for collecting taxes in bitcoins, boss u share again a valuable and informative post and message convey in beautiful style. as a new comer i pick guideline from your posts you have a great and natural writting skills. my support always for you thnx. Resteemed.
Good news
I hope my country is also imitating chiasso
Let me to resteem it
Wow.. thanks for sharing .. i hope other country follow the same, or improve tax collection thru bitcoin.. everyone is hype. government is also investing in this thing.
I'd be a little nervous about doing this in the US. Switzerland clearly has deep respect for economic and personal privacy that we have yet to adopt.
Thanks, Hopefully also other countries will do the same... Bitcoin to the moon!!!! 🚀🌕
it's good they are doing this but i think btc will be overtaken by another crypto
Great post. I really like how there are always more real world usecases for Bitcoin.
I wonder what they do with all their BTC. Do they keep it? Do they open up an account at bitfinex and sell it?
This is sure a great step!!! Governments have started to realize the need to save people the drudgery of visiting offices- and the queues. A plus for people who like less interactions.
It is indeed a good step towards the future of crypto's. I'm pretty sure other countries that banned bitcoin/crypto will reconsider it when they see other countries embracing it.
Nice post. Carry on. Best of luck
bitcoin may pay everything...
The future is HERE!
the way govt is supporting cryptocurrency is really appreciative
they don't have a choice
Yes, In our country govt announced that soon bitcoin, onecoin and some more currencies will have taxes
Thanks for sharing this informational article this will help us much more and good news for all Bitcoin users and all for who have Bitcoins :)
Great signal for the future of cryotcurrencies. Its definitely inevitable and one step futher in legitimizing cryptos making them mainstream alternatives to fiat currencies.
Very interesting post thank you