As governments around the world still not sure of what to do with digital currencies in terms of usage and regulations, Canada has taken a positive move towards the crypto space by adding virtual currencies as a mode of payment for property tax.
This has been passed at Innisfil, a town in Ontario, although it will be a test project. However, the addition of virtual currencies as a mode of payment will not directly involve the town’s tax authorities receiving cryptocurrencies. Instead, the pilot project will involve Coinberry Pay, a payment processor, which will be handling crypto and delivering fiat to Innisfil’s tax authorities.
Initially, the addition of virtual currencies as a mode of payment will support Bitcoin (BTC) with support for other major altcoins such as LTC, XRP, and ETH anticipated to be included at a later date. The town will actively start accepting property tax payments in Bitcoin from April this year.
According to the town’s mayor, Lynn Dollin, the move to add virtual currencies as a mode of payment is a sign to “the world that [Innisfil] is an innovative community that’s ready for the future.” The town is also known for tax-subsidized Uber rides to complement the town’s public transport.
The move by the Canadian town comes as the mystery surrounding QuadrigaCX, a Canadian cryptocurrency exchange, is yet to be solved. Innisfil follows closely to what Ohio, a state in the U.S did when it recently added a Bitcoin option for businesses to pay their taxes.
As earlier reported by CLN, the Canadian revenue watchdog, Canada Revenue Agency, has been secretly monitoring virtual currency traders and has recently sent then questionnaires requiring them to, among other things, disclose their crypto trading activities and platforms used.
Do you think Innisfil’s addition of virtual currencies as a mode of payment will prompt property owners who do not own cryptos to try out the option out of curiosity?