The Canadian town of Innisfil has joined other towns in the world (like Ohio) to become the first metropolis to officially receive its taxes in cryptocurrency payments. Although this will not be available until sometime in April, residents of the town will have the option of paying property taxes either in fiat money or in crypto.
Furthermore, the town entered an official partnership with Coinberry, one of the major cryptocurrency exchanges in Canada. The firm, based in Toronto, will be responsible for the deployment of this service and will receive crypto for the government of the town for a test period spanning twelve months.
According to Lynn Dollin who is the mayor of Innisfil:
“…we are proud to be first in taking this bold step by offering this new exciting payment option to our residents. There’s no doubt that cryptocurrency is growing in usage and popularity. By getting into this now, we are making sure our municipality is ahead of the game, and signalling to the world that we truly are a future-ready and innovative community.”
Process of Payment
Andrei Poliakov – Cofounder and CEO of Coinberry – also declared that a new platform called Coinberry Pay had also been kicked off, to handle these payments. According to Poliakov:
“…Coinberry is extremely pleased to announce the launch of Coinberry Pay – an easy-to-use cryptocurrency payment solution that will allow Innisfil residents to pay their taxes using cryptocurrency. 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. We are extremely pleased at achieving a milestone in the history of adoption of cryptocurrency in Canada.”
Basically, the Innisfil official website will by April, include another payment option which will directly let locals pay with crypto.
At the beginning, only Bitcoin will be supported under this option but later in the near future, altcoins including Ethereum, XRP, Litecoin and Bitcoin Cash (BCH) will be supported also. From here, people will then be able to see Innisfil’s Bitcoin wallet and through Coinberry Pay, will make payments to the wallet.
Coinberry is expected to observe laid down financial laws in the handling and processing of the funds which will be immediately changed to fiat currency and then given up to the town.
Based in Toronto and officially registered by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Coinberry is a firm that provides services based on blockchain and cryptocurrency.
The Coinberry trading platform is one of Canada’s biggest exchange firms which lets users trade and exchange cryptocurrency with very secure methods. The firm currently does not charge funding or withdrawal fees and is Canada’s first crypto firm to do so.
The Coinberry Pay service is accessible by any institutions or individuals who need to receive cryptocurrency payments but wish to insulate themselves from the sector’s volatility.
With a population of about 36,000 people, Innisfil is a town less than an hour from Toronto which despite its unassuming size, provides quite a few contemporary facilities to its residents.
The addition of cryptocurrency has an official tax payment method helps to prove this point.