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The town of Innisfil in Ontario will become the first municipality in Canada to approve a one-year pilot program which will facilitate the acceptance of cryptocurrency as a method of payment for property taxes to the residents of the town.
On March 27th, the Innisfil Council approved the formation of the partnership with the Toronto-based FinTech company, Coinberry Limited, which will be responsible for providing a new easy-to-use cryptocurrency payment solution and other related services. The new payment option of paying property taxes in Bitcoin, which was already initiated outside of Canada, will come into effect at some point in the next month when it’s time for many residents to pay their second installment of property taxes.
Innisfil Mayor, Lynn Dollin, said:
“Once again, we are proud to be first in taking this bold step by offering this new, exciting payment option to our residents. There’s no doubt that cryptocurrency is growing in usage and popularity. By getting into this now, we are making sure our municipality is ahead of the game, and signaling to the world that we truly are a future-ready and innovative community.”
From the month of April, the new payment option will be available on the Town of Innisfil’s website that will enable the residents to pay the property taxes with Bitcoin. other cryptocurrencies such as Ripple, Ethereum, Litecoin, and Bitcoin Cash will also be added in the future.
If users opt to pay with Bitcoin, they will have to send the required funds to the digital wallet (with Coinberry) of Innisfil. Coinberry will proceed further towards the conversation of the funds (Bitcoin to Canadian dollars) without violating financial regulatory requirements. Later, the converted funds will be transferred to the Town of Innisfil bank account. The process is pretty straightforward. it is also important to note that no cryptocurrencies will be held in the town’s name. The crypto fund will immediately be converted into Canadian dollars by Coinberry.
Paying property taxes with Bitcoin or other cryptocurrencies will be much cheaper compared to paying taxes with credit cards because the average processing fees are about 1.75% when paid with credit cards compared to digital currencies which charge about 0.5% and sometimes even less.
Appreciating the launch of a new easy-to-use cryptocurrency payment solution ‘Coinberry Pay,’ Coinberry CEO and Co-founder Andrei Poliakov said:
“Leaders from all levels of government who are first to recognize the benefits of the ‘new money economy’ will be the first to reap the rewards. We are extremely pleased with achieving a milestone in the history of the adoption of cryptocurrency in Canada.”