Innisfil Municipality ahead of the Game — MAYOR
By Dayo Adesulu
The coast is now clear for holders of cryptocurrencies in Canada to start paying for services using Bitcoin, as a municipality in Canada would from April commence reception of Bitcoin for property tax payment.
If it happens as promised, that would see the approximately 36,000 residents of the town use Bitcoin as a payment option on the municipality’s website.
Speaking in this regard, Innisfil Mayor, Lynn Dollin said:“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 signalling to the world that we truly are a future-ready and innovative community.”
According to the statement published by Coindesk, Other cryptocurrencies like Bitcoin Cash, such as Litecoin and XRP could also be added in the future within the 12 months trial period.
‘’Using Coinberry’s cryptocurrency payment processing solution Coinberry Pay, residents will be able to pay taxes in bitcoin in Innisfil’s digital wallet,” it stated.
‘’Coinberry will then process those funds “in accordance with strict adherence to existing financial regulatory requirements” and “instantly” convert them into Canadian dollars and transfer it to the municipality. Coinberry is a Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)-registered firm.
You will recall that the U.S. State of Ohio was the first in November 2018 to allowed businesses to pay taxes in Bitcoin when it partnered blockchain payments processor BitPay. This is just as it promised to extend the service to individual in the future..
