Recently, Innisfil, a town in Ontario, Canada has voted in favor of accepting cryptocurrency like Bitcoin, Ethereum, Litecoin as a method of payment for property tax in partnership with Coinberry, a Toronto-based blockchain & digital currency provider.
As per the news reported by BusinessWire, resident of Innisfil town will be able to pay property tax with cryptocurrency using Coinberry’s cryptocurrency payment processing solution Coinberry Pay.
First Canadian Municipality to accept Cryptocurrency payments for taxes – Coinberry partners with Town of Innisfil! We are excited to be a part of this monumental step towards wider crypto adoption! 🍁
Read more: https://t.co/LntwWSkPpa#innisfil #cryptocurrency pic.twitter.com/KDWKBV5mtY
— Coinberry 🍓 (@coinberryio) March 28, 2019
“Once again, we are proud to be first in taking this bold step by offering this new, exciting payment option to our residents,” said Innisfil Mayor Lynn Dollin.
All the payments will be done using Coinberry Pay, which is an easy-to-use cryptocurrency payment solution that will allow Innisfil residents to pay their taxes using cryptocurrency.
Process in a Nutshell
1. Residents of Innisfil will be able to pay tax at Town of Innisfil’s website starting April 2019 as they will see new payment option of cryptocurrency and will be able to use Bitcoin to pay as of now.
Other cryptocurrencies like ETH, LTC, XRP will be added in the future.
2. Residents will access the Town of Innisfil’s digital wallet with Coinberry Pay and pay their taxes using Bitcoin.
3. All the payment will be processed by Coinberry in accordance with strict adherence to existing financial regulatory requirements.
4. The funds will be instantly converted to Canadian funds and transferred to the Town of Innisfil.
Do let us know what are your views about this cryptocurrency news from Canada. We are very excited about it and think soon we will be hearing such type of news more often in crypto space.