A small town in Canada is testing the option to pay property taxes with cryptocurrencies. The council of Innisfil, Ontario, approved plans for a pilot this week. Currently only bitcoin is supported, but litecoin, bitcoin cash and XRP might be added at a later date.
The town is working together with crypto payment processor Coinberry Pay. Residents of the town can pay in crypto, and Coinberry will convert the cryptocurrency to Canadian dollars and then transfer the money to the town’s tax office.
Innisfil only has 36 thousand citizens, yet it’s not the first time the town makes headlines. In 2017 the town launched a tax-subsidized ride sharing program in partnership with Uber. They called this the Innisfil Transit.
Besides that small town in Canada, there are more governments looking at cryptocurrencies to make tax payments easier. The state of Ohio already allows businesses to pay their taxes through crypto, even though only two businesses have reportedly used the service so far. California is looking at crypto for tax payments for cannabis companies, as these companies are not allowed to have a bank account by federal law.
And while Great Britain is discussing Brexit, there are also people working on introducing crypto as a payment option for tax payers. On the other side of the water, in The Netherlands, the Dutch Central Bank is urging for the introduction of a crypto license within the next few weeks, while the G20 wants to work together on the regulation of cryptocurrencies.
Also published on Medium.