As part of a one-year trial, a Canadian municipality set to accept bitcoin for property tax payments as of April this year. Although, Municipality in Canada to accept bitcoin for property tax payments.
It was announced by the Town of Innisfil, Ontario, in March that the cryptocurrency payment option will be offered in partnership with Toronto-based digital assets trading platform Coinberry.
Approximately 36,000 residents of the town saw bitcoin (BTC) as a payment option on the municipality’s website starting April 2019. According to the statement, other cryptocurrencies like bitcoin cash (BCH), ether (ETH), litecoin (LTC) and XRP may be added in the future.
Municipality in Canada to accept bitcoin for property tax payments. However, residents will be able to pay taxes in bitcoin in Innisfil’s digital wallet using Coinberry’s cryptocurrency payment processing solution ‘Coinberry Pay’.
Those funds will then be processed by Coinberry “in accordance with strict adherence to existing financial regulatory requirements”. Also, instantly convert them into Canadian dollars and transfer to the municipality. Coinberry is a Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)-registered firm.
Innisfil mayor Lynn Dollin said:
“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. Also, signaling to the world that we truly are a future-ready and innovative community.”
The U.S. state of Ohio also allowed businesses to pay taxes in bitcoin back in November. Ohio’s initiative was in partnership with blockchain payments processor BitPay. AIt is expected to extend the service to individuals in the future.