Canadian Municipality Set to Accept Bitcoin for Property Tax Payments
A municipality in Canada is set to accept bitcoin for property tax payments starting next month as part of a one-year trial. Starting April, approximately 36,000 residents of the town will now see bitcoin (BTC) as a payment option on the municipality’s website. Other cryptocurrencies like bitcoin cash (BCH), ether (ETH), litecoin (LTC) and XRP could also be added in the future, according to the statement. Coinberry will then process those funds “in accordance with strict adherence to existing financial regulatory requirements” and “instantly” convert them into Canadian dollars and transfer it to the municipality.Coinberryis a Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)-registered firm. Innisfil mayor Lynn Dollin said:
“There’s no doubt that cryptocurrency is growing in usage and popularity. state ofOhioalso allowed businesses to pay taxes in bitcoin, in partnership blockchain payments processor BitPay. Ohio is also expected to extend the service to individuals in the future.