Canada has been vocal about its plan to embrace the world of cryptocurrency. Now, in the latest news in the space, one of its municipalities is looking to utilize the world’s leading digital currency when it comes to property tax payments. Here is everything about it in a nutshell.
Using BTC For Tax Payments
According to an announcement, the town of Innisfil in Ontario suggests that it would soon introduce a crypto payment option. This offering will be made possible through its partnership with Coinberry, which is a digital asset trading platform based in Toronto. This further allows them to create a system that enables people to pay their aforementioned tax using crypto.
As soon as April comes, there are roughly 36,000 residents of the said town who will witness BTC as a go-to payment option on the town’s official website. The statement, however, promises the idea of expanding the said option. Basically, it looks forward to the possibility of adding other cryptos in the future, such as Ether, Bitcoin Cash, and Litecoin.
Introducing Coinberry Pay
The municipality is expected to utilize Coinberry Pay, which is Coinberry’s very own crypto payment processing solution. And by using it, residents in the area will be given the ability to pay taxes using the world’s leading digital currency in Innisfil’s own digital wallet.
Once payments are received, the process will be up to Coinberry. It will reportedly process those funds while keeping it in according to the strict adherence to the current requirements stated in the financial regulatory. From there, it will just “convert” the funds into Canadian dollars and bring it straight to the municipality.
It is worth noting that Coinberry is a financial firm deemed to be registered in the Financial Transactions and Reports Analysis Center of Canada or FINTRAC.
A Future-Ready Community
According to Lynn Dollin, the mayor of Innisfil, cryptocurrency is without a doubt growing not only in popularity but as well as usage. 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 superbly innovative.
Back in November last year, the U.S. state of Ohio reportedly enabled businesses to pay their taxes using BTC. This was made possible through the partnership of BitPay, a blockchain payments processor.