Bitcoin (BTC) can be used to pay property tax from next month, the town of Innisfil, Ontario declared on Thursday. The municipality administration stated that the program will be launched on a trial basis for one year.
The town will join hands with Coinberry, a digital assets trading platform based in Toronto to offer digital currency payment option. The firm is registered with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
From April onwards, the municipality’s website will offer BTC as a payment option to more than 36,000 residents of the town. As per the statement, other cryptocurrencies such as ripple (XRP), ether (ETH) and bitcoin cash (BCH) may also be included as a payment option in the near future.
The Coinberry Pay digital currency payment processing solution will be used by the residents to pay property taxes in BTC to Innisfil’s digital wallet.
In the next step, BTC will be immediately converted to Canadian dollars and transferred to the municipality by Coinberry. During the funds processing and conversion, Coinberry will strictly follow “the existing financial regulatory requirements”.
Expressing his views on the development, Lynn Dollin (Innisfil mayor) stated that cryptocurrency will grow in usage and popularity. Therefore, the municipality wanted to make sure that it is “ahead of the game”. It will help in giving an impression to the world that we are an innovative community, he added.
Previously, in November 2018, the US state of Ohio also announced that it accepts tax payments in BTC.
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