BitRefill, a company that helps consumers “live on” crypto with gift cards, phone refills, and Lightning Network (LN), notes that in Switzerland, people can take advantage of free markets, low taxes and a high standard of living.
BitRefill notes in a blog post that they’re specifically talking about Helvetia. In recent years, Switzerland has become “a hotspot” for “all things” Bitcoin (BTC) and Crypto due to several reasons. In their blog post from April 15, 2021, BitRefill explains why it’s easy and “propitious” to live on Bitcoin and altcoins (or alternative coins) in Switzerland.
The company’s blog explains that Switzerland is one of the major “defendants” or supporters of free markets and the nation’s authorities intend to keep taxes low through “a competition of the different cantons.”
As noted by BitRefill:
“Believe it or not, buying, selling and spending bitcoin is not a taxable event for Swiss Inhabitants. This means there’s no hurdles in deciding which money you want to use in your life, you are simply free of choice. Of course there is a certain wealth tax in most cantons for your general holdings, but it is comparably low and only takes effect for somewhat higher amounts. People like Thomas Lohbeck whom we’ve talked to, a longtime Bitcoin expert, are happy about these benevolent regulations which enable almost entirely living on a personal bitcoin standard.”
The swiss canton of Zug, which is “right in the heart” of the European nation, decided to be a pioneer for digital currencies very early by creating progressive regulations for blockchain or DLT startups, BitRefill noted while adding that firms such as Shapeshift and the Ethereum Foundation are based there.
As mentioned in the blog from BitRefill, this gave that area the name “Crypto Valley.” The city of the same name allows locals to pay government fees and taxes in Bitcoin (BTC) or Ethereum (ETH), “making the fully-live-on-Crypto objective closer its residents.”
BitRefill added:
“Many of the Bitcoin offerings and services are handled by Bitcoin Suisse, one of the pioneer companies and its well known Founder Niklas Nikolajsen sitting in Zug as well. They are helping people all over Switzerland to buy and accept Bitcoin and spread the word about this decentralized form of money.”
For more insights from BitRefill, check here.