Canadian Town Approves Bitcoin Payment for Property Taxes

Canadian Town Approves Bitcoin Payment for Property Taxes



Canadian Town Approves Bitcoin Payment for Property Taxes

A Canadian town, Innisfil, has started accepting Bitcoin as a payment option for property taxes. In collaboration with Coinberry Limited, Innisfil is Canada’s first such town to adopt this project making it convenient for the locals to pay their taxes and thereby making a milestone decision in the nation’s adoption of digital assets.

Although Bitcoin is the only crypto which will be accepted currently, there will be a later possibility of adding other crypto payment options (Ethereum, Bitcoin Cash, Litecoin, Ripple).

Coinberry is a Toronto-based fintech solution provider which has recently launched Coinberry Pay – a cryptocurrency payment platform which will allow Innisfil to make Bitcoin payments. Once a local pays the tax in Bitcoin, it will immediately be converted to Canadian dollars by Coinberry which will then be deposited in an Innisfil bank account. The town’s Mayor Lynn Dollin said:

“Once again, we are proud to be first in taking this bold step by offering this new, exciting payment option to our residents… There’s no doubt that cryptocurrency is growing in usage and popularity. By getting into this now, we are making sure our municipality is ahead of the game, and signalling to the world that we truly are a future-ready and innovative community.”

Recently, Canada’s largest trade association collaborated with the BAC and this becomes evidence of how Canada is growing in the crypto sector. This could be very advantageous considering the speedy transactions and the low processing fee that Bitcoin offers as compared to the other counterparts.

Innisfil is a small town of about 36,000 people. However, it takes pride in providing modern amenities to its citizens to develop a socially, traditionally and digitally forward society. This is clearly reflected in its efforts to provide its citizens with open options to pay their taxes.

 

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