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Canadian town approves tests on Bitcoin Property Taxes payments

Canadian town approves tests on Bitcoin Property Taxes payments

The Canadian town of Innisfil in Ontario is now accepting cryptocurrencies from its residents to pay property taxes. This is the first Canadian town to adopt cryptocurrency.

March 29, 2019. AtoZ Markets – While many in the cryptocurrency industry will want it to experience overnight mass adoption, the reality is that these things take time. The news coming in 2019 indeed show that the industry is moving in that direction. The Ontario town of Innisfil in Canada has announced that its residents can now pay their taxes with cryptocurrencies. The is limited to Bitcoin payment for property taxes for a testing period of one year. Last week, WooCommerce with over 3 million web users adopted Ripple. Bitrefill, a crypto gift car provider based in Sweden now allows users to book Airbnb rentals in the United States using five cryptocurrencies. The Innisfil adoption is one of the latest good news for the industry and will certainly be followed many more.

Innisfil partners with a crypto payment processor

According to the detailed report, Innisfil will partner with Coinberry, a crypto payment processor. Residents can pay property taxes in Bitcoin to Coinberry which will then convert to Candian Dollar and forward to the town. If the Bitcoin initiative works, more cryptocurrencies like Ripple, Ethereum and Litecoin will be included in a later date.

The mayor of the town, home to 36,000 resident, Lynn Dollin says that the town is proud to be the first to offer this new payment option in Canada. This shows that the town values innovation. She added that ”cryptocurrency is growing in usage and popularity”. This project is expected to be ready by April 2019.

Governments’ cryptocurrency adoption

Innisfil is the first town in Canada to adopt cryptocurrency. Governments’ adoption is not yet massive but there have been good developments. The US state of Ontario accepts tax payments in Bitcoin. South Africa and two swiss municipalities Zug and Chiasso have similar projects with good progress. Last month, the Californian legislature put forward a bill to allow cannabis-related businesses to pay fees and taxes in stablecoins. 

Earlier this month, the Canadian government’s tax collection service, Canada Revenue Agency (CRA) was investigating cryptocurrency investors like Bitcoin. The agency asked Bitcoin investors to state how and from whom they obtained their cryptocurrencies.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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