Switzerland & Arizona (USA) To Soon Start Accepting Taxes in Bitcoin!

In the backdrop of governmental regulations in many countries, Arizona in the USA and Chiasso in Switzerland are welcoming crypto adoption with open arms. While these areas haven't passed a legislation to make bitcoin payment for taxes completely official, they're well on their way.

In Arizona, the Senate Finance committee has already passed the bill and sent it forward to the House of Representatives. If the House of Representatives is able to successfully pass the bill, Arizona will become the first state in the USA to adopt cryptocurrencies on such a mass scale.

According to the bill, the Arizona Department of Revenue, upon receiving payments in crypto for “tax and any interest and penalties”, would be obligated to convert the cryptocurrency payments to U.S. dollars within 24 hours.

Similarly, cryptocurrencies are gaining traction in Switzerland as well. In September 2017, news came from the Chiasso Mayor that tax payments will be allowed to be made in bitcoin starting January 2018. The limit on these payments is currently set at 250 CHF (Swiss francs).

Chiasso is competing with Zug, another municipality in Switzerland which is also in the process of accepting taxes. Zug is popularly known as the 'cryptovalley', which has prompted Chiasso to adopt the name, "cryptopolis". This sort of internal competition in a country is potentially healthy for the cryptocurrency and blockchain space.