Bitcoin is taking another step towards mass recognition – in some suburbs of the Canadian Toronto it will be taken to pay property taxes.
Residents of Richmond Hill, located near Toronto, will now be able to pay Bitcoin property taxes through a partnership between the local municipality and Coinberry, a cryptocurrency payment solution provider. This is the second such agreement between local authorities and the company: another suburb of Toronto, Innisfil, has previously signed a similar contract.
In July, the Richmond-Hill City Council voted to accept Bitcoin to pay property tax, and this option will now be possible for both locals and businesses. Bitcoin payments will be converted to Coinberry into Canadian dollars, and this means that Richmond Hill and Innisfil will not receive funds in the form of cryptocurrency .
The local government says that Bitcoin payments for taxes will be launched already on September 30. Deputy Mayor of the city of Richmond Hill, Joe di Paola, stated:
“We believe that the demand for such a payment option will grow in the coming years, especially among the millennials. When we learned about the successful implementation of crypto payments in Innisfil, we decided that we would have practically no costs and risks if we did the same. ”
At the end of 2018, Ohio State passed a bill allowing companies to pay up to 23 different types of taxes in Bitcoins.
Publication date 07/22/2019
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