The Ontario town of Innisfil, Canada, is considering a move to add Bitcoin as a payment option for property taxes according to a report by the local news agency, CBC.
The project in partnership with crypto payment processor CoinBerry Pay was generally accepted in a meeting by the town council on March 27 and probably might extend to include other cryptocurrencies such as Litecoin, Ethereum, Ripple, and Bitcoin Cash as a payment option.
According to the report, this ideology would enable Innisfil residents to pay taxes using Bitcoin right from their digital wallets, wherein CoinBerry will change the cryptocurrency to Canadian currency and then remit to the town’s tax agency.
Lynn Dollin, an Innisfil Mayor, said in the report,
“Innisfil is signaling to the world that it’s an innovative community that’s ready for the future. This is the reason they launched the Innisfil Transit project lately in 2017, which is based on tax-subsidization in collaboration with Uber”.
The town hopes that new pilot project which will last for one year will make it easier for business to pay property taxes promptly, noting that two companies already adopted this initiative in 2018.
Meanwhile, Ohio, U.S was the first to allow businesses to use Bitcoin as an online payment option for the different 23 taxes which was established by the State treasury board.
Add Comment