First town in Canada to accept Bitcoin for property taxes

Innisfil is a quiet lakeshore Canadian township in Ontario state of about 36,000 inhabitants. It is probably the last municipality that you would expect to be forward-thinking.

Yet, the town started an innovative one-year pilot project allowing its residents to pay property taxes using Bitcoin. The move made Innisfil the first municipality in the country that accepts cryptocurrency. Other cryptocurrency options like Ethereum, Litecoin, Bitcoin Cash, and Ripple could be added in the future, according to the news release.

The town partnered with Coinberry, a Toronto based crypto currency company, to process bitcoin payments. Founded in 2017, Coinberry operates the Coinberry cryptocurrency trading platform and the Coinberry Pay cryptocurrency payment processing solution. It is Conberry Pay solution that will be handling transactions of Innisfil tax payers.

“We developed a bit of a reputation for not being afraid to try new things,” Mayor of Innisfil Lynn Dollin told CTV News Channel.

It’s true. Previously, the town created an on-demand transit system in partnership with Uber. And after that success, they started a pilot project with Rover Parking app in an effort to curb illegal parking in the town.

To provide safety to their tax payers, Innisfil doesn’t hold cryptocurrency. When Coinberry receives the crypto funds, it instantly converts the cryptocurrency to Canadian Dollars for later deposit in town’s accounts.

If the value of the cryptocurrency drops before it’s deposited into the town’s account, it is responsibility of the payer to cover the difference; whereas if the value rises, the town will refund any additional money.

Innisfil isn’t the first jurisdiction in the West to accept Bitcoin for taxes. Last year, Ohio state launched Ohiocrypto.com to allow businesses to pay taxes with Bitcoin through BitPay’s payment processor. For another example, in February this year, a bill was introduced in the States that would allow California-based cannabis businesses to pay their taxes in stablecoins.

As of now, it’s unknown if any of the town’s residents have taken advantage of the new system. Nevertheless, it is another step towards ensuring that cryptocurrencies have real-world use cases.

Related News

Binance Invests in Aussie Crypto Payment Startup to Avail the Crypto-Payments

According to the latest update, Binance has invested $2.5 Million in the fresh Australian Cryptocurrency payment startup, Travelbybit. Binance is

Read-more

Facebook’s new cryptocurrency & wallet, good news or bad?

The news has been brewing for a long time, now the rumors are confirmed. Facebook is launching Libra, a new cryptocurrency

Read-more

Edenchain – a Programmable Economy platform-incubator

Two factors that currently hold back so called blockchain-based Programmable Economy platforms are insufficient security and performance.

Read-more

Brazilian City Starts Accepting Bitcoin Payments for Public Transport

On July 25, Brazilian CoinTelegraph reported that the Brazilian city of Fortaleza, the capital of the

Read-more