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Switzerland Will Issue Global Crypto Tax Reporting Standards

Previously, the Swiss city of Lugano had adopted digital currency by allowing citizens and businesses to use it to pay taxes and city fees.

In an official announcement on December 5, Lugano announced the acceptance of Bitcoin (BTC) and Tether (USDT) as payment methods for invoices issued by Lugano, using the Swiss cryptocurrency platform Bitcoin Suisse.

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Through this new initiative, residents of Lugano can easily pay their taxes and various services by scanning the Swiss QR bill code found on their invoice and making transactions using their preferred mobile wallet and selected cryptocurrency.

This development is part of the broader Plan Lugano, a collaborative venture with Tether that aims to leverage Bitcoin technology to revolutionize the city's financial system.

Bitcoin Suisse, which acts as a technical partner in this integrated payment solution, supports Lugano in accepting Bitcoin and Tether payments for payment of taxes and other invoices related to municipal services.

Chief Product Officer at Bitcoin Suisse, Armin Schmid said it was great to see more and more Swiss cities offering payments in cryptocurrency as an available option for citizens and companies.

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This complements traditional payment methods such as post office counters and e-banking platforms,” ​​said Schmid, quoted from Yahoo Finance, Friday (8/12/2023).

Lugano has implemented blockchain-based solutions in the past, including integrating the Polygon chain on the MyLugano app, LVGA Points payment tokens, Lugano digital francs, and 3Achain blockchain infrastructure.

Other Swiss cities such as Zug started accepting Bitcoin and Ether for tax payments from local individuals and companies in 2021, while Zermatt introduced the option to pay taxes with Bitcoin in partnership with Bitcoin Suisse in January 2020.

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Switzerland Will Issue Global Crypto Tax Reporting Standards

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