Town of Innisfil first municipality in Canada to accept cryptocurrency
The Town of Innisfil will be the first municipality in Canada to accept cryptocurrency (e.g., Bitcoin) as a method of payment for property taxes. Last night, Innisfil Council voted in favour of forming an agreement with the Toronto-based company, Coinberry Limited, who will provide the service for residents as part of a one-year pilot project.
“Once again, we are proud to be first in taking this bold step by offering this new, exciting payment option to our residents,” said Innisfil Mayor Lynn Dollin. “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.”
The new payment option should be ready sometime in April when many residents pay their second installment of property taxes.
“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,” said Andrei Poliakov, Coinberry CEO and Co-founder. “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.”
How It Will Work
Starting in April, residents will see a new payment option appear on the Town of Innisfil’s website, where users will have the option of paying with Bitcoin. Other cryptocurrency options like Ethereum, Litecoin, Bitcoin Cash, and Ripple could be added in the future.
Residents will access the Town of Innisfil’s digital wallet with Coinberry Pay and pay their taxes using Bitcoin.
Coinberry will process the funds in accordance with strict adherence to existing financial regulatory requirements.
The funds will be instantly converted to Canadian funds and transferred to the Town of Innisfil. MW
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