Canadian Coinberry Exchange Founder: Bitcoin’s Efficiency for Paying Taxes is Easier than Bank Cards
The co-founder of a Canadian exchange called Coinberry, Evan Kuhn, has recently made a bold statement. According to him, Bitcoin is actually more efficient for paying taxes than most bank cards can be.
He affirmed that his company, for instance, has fees which are considerably lower than the ones offered by card institutions. Most of them charge at least 3% while they only charge 0.5%, which is six times cheaper.
In fact, Coinberry is making a business out the idea that paying taxes with crypto is better. Local municipalities in Canada are not allowed to receive cryptocurrencies but many people want to pay their taxes with Bitcoin. This is when the company comes in.
Coinberry acts as the middlemen of the transactions and receives the crypto payments. The money is converted to the local fiat currency and then sent to the municipalities almost instantly.
Some towns have started to accept this new way of paying taxes. Innisfil and Richmond Hill, for instance, are two of these cities. The results have been promising so far.
Toronto, unfortunately, is more resistant to this idea. Its councilor, Norm Kelly, has been affirming that the city should accept crypto for a long time, but he lost the vote when he proposed the project.
Now, another council member needs to put forward the proposal before it can be voted again. Only then one of the largest cities in the country will finally accept the future and start receiving taxes via crypto.