Canadian City of Richmond Hill To Accept Tax Payments in Cryptocurrencies After Council Approval
Richmond Hill becomes the second Candian city to approve crypto tax payments after a council approval on the same. The citizens will be allowed to pay their property tax in digital assets. Coinberry, the digit asset platform will be responsible for facilitating and helping the government in availing these services.
Before Richmond Hill, Ontario was the first Candian city to legalize crypto tax payments. The city also signed the partnership deal with Coinberry in March. The trading platform also released a Press Release confirming that they are in talks with the authorities of Richmond Hill and Ontario to help them with crypto payment processing solutions.
The press release further stated that the aim of the deal is to help the residents of both the cities in paying their property tax in cryptocurrencies.
City Council Vote In Favor of Cryptocurrency
The decision was passed by the city council after a vote, where the majority favored for allowing citizens to pay their property tax in crypto. The decision was followed by the partnership with Coinberry digital asset trading platform for helping them in processing those crypto payments.
Coinberry also tweeted about the same which read,
“Have you heard the news?
Residents of Richmond Hill will soon be able to pay property taxes using #Bitcoin!
Coinberry has today announced that following council approval, we will be providing Bitcoin payment solutions to the City of Richmond Hill!
#crypto #future #blockchain”
Joe Di Paola, the deputy mayor of the city also commented on the latest developments and said,
“We believe that the demand for a digital currency payment option is only going to grow in the coming years, especially amongst millennials.”
Paola further noted that the council which made the decision has observed Coinberry's previous implementation for tax processing in the city of Innisfil. The decision was made because there was neither much upfront cost nor any such upfront risk that could pose a threat. This, the decision was not one of the toughest for the councilors.
The press release by the trading platform also mentioned that the council, as well as the Coinberry platform, are interested in feedback from the municipal staff on how successful launch of the property tax payment in crypto is. The deputy mayor also mentioned that the council is considering implementing these modern tax payment option for other cities as well.
Andrei Poliakov, the CEO and co-founder of Coinberry was quite elated with their second municipal partnership in Canada. He also hoped that other countries in the world also see the innovative potential for the use of modern-day blockchain technology and digital assets. He said,
“Leaders of government and enterprise organizations are realizing that, with the right partners, they can innovate with blockchain and digital currencies. We’re pleased to be working on additional innovative solutions with leading enterprise and municipal partners, and have a number of very exciting initiatives we will be announcing over the next several months.”
The approval of the two Canadian cities to allow its citizens to pay their taxes in cryptocurrencies is not the first approval of its kind. Before Canada, the state of Ohio in the United States also made it legal for the business and citizens to pay their property taxes in crypto assets. The decision was not just limited on paper, as many enterprise-level firms did go for crypto payments for their property tax.
After Ohio, many other states of the US also thought of allowing their citizens to make crypto payments for their tax returns. However, due to the regressive approach of the councilors and lack of understanding of the technology did not let the plan move forward. But, this should not deter crypto proponents, as the sentiments of governments and policymakers around the globe towards crypto is changing fast.