A Canadian town adds virtual currencies as a mode of payment for property tax

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?

Check Also

Fidelity Digital Assets finds the next Lightning Torch holder

Fidelity Digital Assets, a section of Fidelity Investments concentrating on wealthy cryptocurrency investors, has announced …

13 comments

  1. Greetings! Very useful advice in this particular article!It is the little changes that make the most important changes.Thanks for sharing!Hello There. I found your blog using msn. This is a really well written article.I’ll make sure to bookmark it and come back to read more of your useful information. Thanks for thepost. I will definitely return.Hi my friend! I want to say that this article is amazing, great written and come with almost all vital infos. I’d like to peer extra posts like this .

  2. jerusalem coursework coursework resume coursework introduction coursework job meaning

  3. 好文章!你的文章对我帮助非常大。谢谢!你会允许吗?我想把你的文章分享到我的网站:
    gate.io 交易 所

  4. coursework or research coursework moderation coursework english language coursework plagiarism checker

  5. coursework english language course work là gì coursework b science titles coursework vs thesis

  6. quantitative coursework examples coursework grade boundaries coursework
    plug coursework sample of written work

  7. coursework on resume example coursework spelling coursework king’s college nea coursework history a level

  8. coursework for business administration coursework thesis coursework
    meaning nea coursework history a level

  9. coursework service coursework english literature coursework in english coursework sample of written work

  10. design technology coursework
    coursework
    coursework project

  1. Pingback: 2nascent

Leave a Reply

Your email address will not be published.