Would you pay your property taxes more promptly if you could use Bitcoin as a payment method?
Well, residents of Innisfil, a town in Ontario, Canada will get a chance to do so after the town council voted in favor of a one-year pilot program in that regard on March 27.
According to a CBC report about the matter, the payment of taxes using Bitcoin is possible because of a new partnership between the town and crypto payment processor, CoinBerry Pay and could see the town add support for other coins such as Litecoin, Ethereum, Ripple and Bitcoin Cash.
When the pilot program begins in April, Coinberry Pay will be in charge of collecting the payments and then converting it into Canadian dollar which will, in turn, be transferred to the town’s tax agency.
Lynn Dollin, Innisfil Mayor who was only voted in last year, shared her thoughts following the approval of the new payment method by the Council.
She reportedly remarked that by adopting cryptocurrency as a payment method of taxes, “Innisfil is signaling to the world that it's an innovative community that it is ready for the future.”
While Innisfil is arguably the first region in Canada to make such a move, Stmarket.co reported in November 2018 that U.S State, Ohio approved the use of Bitcoin as a payment option for local businesses.
Meanwhile, Innisfil’s move has come at a time when Canada is in the middle of a crisis linked with the missing funds at the now-defunct crypto exchange, QuadrigaCX.
Although regulators in the state have released proposed regulations for cryptocurrency exchanges, investigators are yet to figure out what happened to QuadrigaCX’s funds after its CEO, Gerald Colten allegedly died without disclosing the private keys to the company’s cold wallet storage.
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