Richmond Hill, a town of some 200,000 residents in Ontario, Canada, has joined Innisfil in accepting bitcoin (BTC) payments for property taxes. Once implemented, Richmond Hill residents and businesses will pay any kind of property taxes using Bitcoin.
Innisfil, the first city to allow this in Canada, declared its move back in March this year.
The city authority has officially rolled out this program in partnership with Coinberry, a Toronto-based crypto payments platform. Richmond Hill residents could start pay property taxes in bitcoin in 2020.
Prior to this move, the city council conducted a poll on whether to accept or disallow tax payments using Bitcoin or other forms of cryptocurrency. The majority voters decided that cryptocurrency should be supported and used in tax-related operations which gave the council a go-ahead to partner with a recognized trading system operator as soon as negotiations are complete.
The Deputy Mayor Joe Di Paola is optimistic about using virtual currency for paying property taxes, claiming that it will increase the demand for virtual asset payment alternative in the near future, most particularly among millennials.
“Our Council was aware of Coinberry’s successful implementation of a digital currency payment service with the Town of Innisfil, and since there was no cost and no risk to […] do the same, it made the decision that much easier for us… For Richmond Hill residents, it means they have another option to pay their property taxes. It increases our service without any risk or cost to the city,” wrote Deputy Mayor Joe DiPaola.
He was the one who put forward the motion at a council meeting July 9. The report recommended cryptocurrencies for tax payments on the grounds digital tokens can be transferred at a lower cost than conventional currency transfers.
The city will accept Bitcoin from its residents and businesses and then convert it to Canadian dollars before transferring it to the city.
Sign up for our newsletter
and don't miss out great opportunities to monotize on your bitcoin