Some US states have already introduced the option of paying your taxes with bitcoin. Now, Canada is speeding up with the bitcoin tax “craze”.
Reportedly, the city of Richmond Hill is the first Canadian city to do trials with bitcoin tax payments. Citizens will be able to pay their municipal taxes in the “people’s currency”.
While Richmond Hill is the first city to offer bitcoin tax payments, it is the second municipality in Canada to do so. The project is in trial form yet, but Coinberry exchange as its partner. The other municipality that is currently offering the option is Innisfil, a small town outside Toronto. Coinberry is now preparing Richmond Hill to start preparing its 200,000 citizens to pay their taxes in bitcoin.
The project was approved on July 10th, 2019. A representative of Coinberry exchange, Mrs. Martina Krtinic, commented that the partnership and deal aren’t finalized, but that Coinberry will essentially be the only partner on the new bitcoin tax payment feature. The information comes from Bitcoin Magazine.
Just like in Innisful, the people of Richmond Hill will use the Coinberry Pay rail to process all tax payments in bitcoin into the national currency CAD. For now, the feature will be available for only municipal taxes, and if the project is a success, more expanded options will follow.
The Deputy Mayor of Richmond Hill commented on the new development:
We believe that the demand for a digital currency payment option is only going to grow in the coming years, especially amongst millennials.