The Ontario town of Innisfil, Canada is currently running a pilot blockchain program that will enable the residents to pay their property taxes with cryptocurrencies. The program was approved through voting the Innisfil Council on March 27.
As per a report on CBC, Innisfil will be partnering with Coinberry Pay, a cryptocurrency payment processing project in order to allow Ontario residents to pay property taxes in Bitcoin (BTC). The cryptocurrency accepted will be converted into Canadian dollars and transfer payments to the town by Coinberry Pay.
Reportedly, more cryptocurrency such as Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP) will be added to the initiative later. Innisfil Mayor Lynn Dollin told CBC that the payment pilot illustrates communities prioritizes innovation. The town of 36,000, launched a tax-subsidized ridesharing program in 2017 in a partnership with Uber called Innisfil Transit.
In the United States, the state of Ohio became the first state to accept bitcoin for tax payments, using Bitcoin. Businesses in the area could pay 23 different taxes using the crypto through an online portal, set up by the state treasury office. The new initiative is aimed at making easier for firms to pay their taxes, reportedly only two companies took advantage of the new service last year.
Lawmakers in the state of California in February introduced a bill to allow cannabis-related businesses to pay fees and taxes in stablecoins. Assembly Bill 953 allows the state, city, and county tax offices to accept cryptocurrency pegged to a physical asset or a fiat currency from cannabis-related companies seeking to pay their excise or cultivation taxes. As of now, the bill has been referred to committee.
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