This week we have seen almost all digital currencies take a huge hit in their price. The reason is simple, panic selling on the following two pieces of news:
- One: Chinese authorities have said that they plan to shut down the exchanges that they are traded on. Will they themselves buy Bitcoin once the price is driven down?
- Two: J.P. Morgan boss Jamie Dimon called Bitcoin a "fraud that isn't going to work" Do you think that he might just have his own interests in mind?
Switzerland continues to embrace crypto!. Image source: Pixabay.com
Switzerland Takes The Opposite Approach!
One of the latest pieces of news out of Switzerland shows that they continue to embrace and welcome Bitcoin and other crypto. As of 2018, the Municipality of Chiasso will allow its citizens to pay their taxes using Bitcoin!
Here are a few excerpts from an article that appeared in our regional paper "Corriere Del Ticino."
The article is in Italian but you can also find many reports on this in English language articles.
From Corriere Del Ticino:
Chiasso will become the first Swiss city to permit partial payment of taxes in Bitcoin up to a maximum of Frs 250.00. The Swiss municipality has met with investors and developers in Bitcoin and Blockhain technology who have selected Chiasso as an operating base for developing these technologies. In the past several months 8 start-ups have selected this area to headquarter their activities and negotiations are taking place with other companies from all over Europe.
Chiasso is an internationally recognized community that is positioning itself as the epicenter of this technology and economic growth for the Canton and Switzerland.
An executive explained both the exponential growth of Bitcoin and Blockchain technologies, as well as some possible applications in the daily life of the municipality. As a first step, the City Hall has confirmed its interest in accepting the Bitcoin currency for the payment of taxes. The maximum payment, as said, may be 250 francs and this experimental method will start in January 2018.
With this exciting news Chiasso has joined Zug Switzerland which has already been dubbed as Crypto Valley!
See also this article: "Bitcoin and Other Cryptocurrency Technologies Are Aready a Way of Life in This Small Swiss Town"
Why is Switzerland so Crypto Friendly?
There are many reasons for this but one thing is for sure, when it comes to money, investing and business these people are experts and they know how to play the game!
What Will Happen Next?
Notice what Josh Mahoney, a market analyst at IG said “Past experience tells us that bitcoin will likely brush these latest challenges aside, yet with Chinese regulators clamping down and big name financial leaders talking bitcoin down, this has been a tough fortnight for cryptocurrencies,”
I for one am relaxed and either holding or buying. Keep Steeming and having fun!
Have we seen this all before?
What About You?
- Are you taking a long term approach?
- Do these huge price swings put you off?
- Will you be a buyer?
I hope that you enjoyed this article about Switzerland embracing Bitcoin and Blockchain technology!
Until next time,
