Canadian Town Gears Up To Allow Bitcoin Payments For Property Taxes

by | Jul 17, 2019 | Bitcoin, Cryptocurrency, Cryptocurrency News

Canada | Bitcoin | Property Taxes | Cryptocurrency

Coinberry, a Canadian crypto solutions provider and trading platform operator managed to grab a second municipal partnership to provide Bitcoin payments processing for property taxes. As per a press release published on July 15.

Reportedly, Coinberry began negotiating with the City of Richmond Hill in the Greater Toronto Area. On July 10, the council voted in favor of cementing an agreement with Coinberry to support Bitcoin (BTC) property tax payments for residents and firms in its jurisdiction.

This marks as Coinberry’s second municipal foray in less than six months, it previously implemented a crypto payments service with the Town of Innisfil, in the Greater Toronto Area. A Financial Transactions and Reports Analysis Centre of Canada-registered firm, Coinberry has been converting multiple cryptocurrencies into Canadian dollars to settle property tax payments with Innisfil.

Notably, the municipality does not hold crypto directly, presumably Richmond Hill will implement a similar solution. Upon the finalization of the negotiations, the municipal staff of the City of Richmond Hill will purportedly report back on the likelihood of implementing Coinberry’s technology for additional payments of other City fees and broaden services as soon as September 30.

As per the press release, the Council’s affirmative vote will mean that the City of Richmond Hill’s City Manager is legally authorized to enter into a contract with Coinberry, once the negotiations are complete. The municipality’s deputy mayor Joe di Paola added in a statement:

“We believe that the demand for a digital currency payment option is only going to grow in the coming years, especially amongst 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.”

The state of Ohio, United States was the first to authorize businesses to pay taxes using Bitcoin. Businesses in the state can pay  23 different taxes using the crypto through an online portal, by the state treasury office.

Read more: Global Blockchain In Healthcare To Reach $1.7 Billion By 2026

Image source – Coinberry Twitter

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