Innisfil, a town in Ontario, Canada, has declared their adoption of Bitcoin as a means of payment for tax payments on the property. This news came as a one-year trial project, expected to begin in April this year. Coinberry, a digital asset trading company based in Toronto will assist in this process.
The municipality announced that the thirty-six thousand residents of the town would very soon be allowed to make payments for property taxes via the flagship digital currency and many other digital currencies will be made available as a payment option shortly, including Ether, Bitcoin cash, and Litecoin.
The digital currency payment solution by Coinberry, known as Coinberry Pay, will be used for processing these payments and the received funds are to be processed in compliance with the existing regulations.
The cryptocurrency will be handled by a registered Canadian firm, FINTRAC; the Financial Transactions and Reports Analysis Center. The Mayor of Innisfil stated that he firmly believes in the expanding usage of cryptocurrency in the modern age and that adopting this technology today, they are affirming that the municipality is way ahead of time. He further added that this endeavor would show the world that they are ready for the technological changes the future demands.
Enabling tax payment through via cryptocurrency is disseminating world over but at a slower pace. Ohio announced towards the end of 2018 that they would begin to accept tax payment in Bitcoins, partnering up with BitPay, a digital currency payment processor. This service is currently only available for businesses. The State is expected to extend this option for individuals in the near future.