Ontario town is first in Canada to allow crypto for tax payments
Innisfil now allows its residents to pay taxes using cryptocurrencies
A small town of around 36,500 residents in Ontario, Canada has taken the initiative to embrace cryptocurrencies. Setting a precedent in the country, the Innisfil City Council approved a measure this past Wednesday to allow residents to pay their taxes with Bitcoin (BTC), the first time any Canadian jurisdiction has made such a move.
Innisfil teamed up with Coinberry Ltd., a crypto payments platform based in Toronto, to make the new system possible. It should be completely up and running by next month, just ahead of the due date for property taxes in the city. The project will be a pilot program to see how viable a crypto solution would be and only BTC will be accepted at first. If everything goes well, additional digital currencies will be added in the future.
According to Innisfil Mayor Lynn Dollin, “Once again, 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 signaling to the world that we truly are a future-ready and innovative community.”
When paying their property taxes online, Innisfil residents will soon see the BTC option when selecting the payment type. Selecting that, the taxpayer can deposit directly to a city-created crypto wallet, which will be managed by Coinberry. Coinberry will convert the payment to fiat and send the money to Innisfil.
Coinberry’s co-founder and CEO, Andrei Poliakov, states, “Along with this partnership, 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.”