Innisfil to accept Bitcoins for property tax payments

Innisfil to accept Bitcoins for property tax payments

Innisfil to accept Bitcoins for property tax payments

A pilot program is now operating in the city of Ontario that allows residents to pay real estate taxes in cryptocurrencies.

This isn't the first time the town has taken risks and open to changes. The program was approved through voting the Innisfil Council on March 27. Assembly Bill 953 would allow 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.

"There's no doubt that cryptocurrency is growing in usage and popularity".

In April, Innisfil residents will see a new payment option on the Town of Innisfil's website, where users will have the option of paying with Bitcoin.

Mayor Lynn Dollin says this shows the world that the town is an innovative community ready for the future.

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The report by CBC adds that in the future, the option to pay in other cryptocurrencies such as ether (ETH), litecoin (LTC), bitcoin cash (BCH) and Ripple's XRP might also be introduced on the payment platform.

Starting in April, Innisfil residents will be able to pay taxes with Bitcoin through a digital wallet operated by Coinberry Pay, which will convert the cryptocurrency to Canadian funds and transfer the payment to the town.

"Leaders from all levels of government who are first to recognize the benefits of the "new money economy" will be the first to reap the rewards", said Andrei Poliakov, Coinberry's CEO and co-founder. "We are extremely pleased at achieving a milestone in the history of adoption of cryptocurrency in Canada".

Innisfil residents, along with others around the Toronto area, might want to come out to the CoinGeek Toronto Conference to be held this May.

Coinfomania: Where blockchain and cryptos live.

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