Canada wants to embrace the world of cryptocurrencies. One of their municipalities is looking to use the most famous cryptocurrency to allow citizens to pay their property tax. Here is everything about it in a nutshell.
Paying Taxes with Bitcoin
According to a recent announcement, the town of Innisfil in Ontario proposed that it would soon include a crypto payment option. This alternative payment system will be possible through its partnership with Coinberry, a virtual asset trading platform company based in Toronto. This will allow them to implement a system that empowers people to pay their property tax using cryptocurrencies.
As soon as April comes, there will be roughly 36,000 residents in that town that will witness the addition of BTC as a payment option to the official municipality website. The statement given by the municipality promises the idea of future expansion to this payment option. The main idea in the future will be to add other cryptocurrencies such as Bitcoin Cash, Litecoin and Ether.
Coinberry Pay solution
The municipality anticipates using Coinberry Pay, which is Coinberry’s own crypto payment processing system. With the use of this solution, residents in the area will be given the choice to pay taxes using the world’s leading digital cryptocurrency in Innisfil’s own digital wallet.
Once taxes are paid, Coinberry will handle the rest. The system will process those funds while keeping it in according to the strict adherence to the current requirements stated in the financial regulatory. After of which it would be a simple funds conversion from BTC into Canadian dollars and deliver them to the municipality.
A Future-Embracing Town
According to Lynn Dollin, the mayor of Innisfil, cryptocurrency is without a doubt growing not only in popularity but in usage as well. And by getting into its circle right now, they are ensuring that the municipality is just simply “ahead of the game.” It also works as a signal to the entire world that the town is “truly” future-ready and a community that is forward-thinking and innovative.