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Innisfil, a town in Ontario, Canada, has become the first municipality in Canada to accept cryptocurrency as a method of payment for property taxes.
According to a press release dated March 28, Innisfil Council has voted in favor of accepting bitcoin as a payment method for property taxes. It has also given its nod to form an agreement with Coinberry, a Toronto-based blockchain and digital currency solutions provider, to 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 is expected to launch this month, giving residents the option to make payment in bitcoin. Once launched, residents would be able to access the Town of Innisfil’s digital wallet with Coinberry Pay and pay their taxes using Bitcoin.
Coinberry will process the funds in compliance with the existing financial regulatory requirements. The funds will be instantly converted to Canadian funds and transferred to the Town of Innisfil.
“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.
The council also plans to add other cryptocurrency options like Ethereum, Litecoin, Bitcoin Cash, and Ripple in the future.
