News

Richmond Hill, a Canadian Town is Set to Begin Accepting BTC for Property Taxes

Published

on

.

Last modified

on

Richmond Hill, a Canadian city set to begin accepting BTC for tax payments

Coinberry, a crypto solutions provider, has teamed up with another Canadian city in a crypto deal. Once completed, this partnership will allow the residents and businesses of Richmond Hill to pay property taxes in BTC. The city unveiled this news via a press release on July 15.

According to the press release, Coinberry has already started holding talks with the city. The crypto platform aims to provide a crypto payment processing solution. Per the official, this deal came to be after the city council voted in favor of entering into the agreement with Coinberry on July 10.

Joe Di Paola, Richmond Hill’s deputy mayor, noted,

We believe that the demand for a digital currency payment option is only going to grow in the coming years, especially amongst millennials. Our Council was aware of Coinberry’s successful implementation of a digital currency payment service with the Town of Innisfil, and since there was no cost and no risk to the City of Richmond Hill to do the same, it made the decision that much easier for us.

Second Municipal Deal in Under Six Months

This news marks Coinberry’s second municipal deal in under six months. It also shows growth in the adoption of real-world crypto solutions. The firm is registered under the Financial Transactions and Reports Analysis Center of Canada (FINTRAC). To date, it has changed multiple crypto coins into Canadian dollars to settle tax payments in Innisfil.

Andrei Poliakov, the co-founder and CEO of Coinberry said,

We are very happy to be entering into a partnership with our second Canadian Municipality.

He added that government leaders and mainstream firms are realizing they can innovate with the blockchain and crypto.

He further cited that the firm would be launching several new projects in the next few months.

Before this news, a report unveiled that Ohio was the first state to accept tax payments in BTC. In so doing, the US state allowed its residents and businesses to settle their tax payments online. Per the publication, Bitpay was set to process all crypto payments on behalf of the state.

Also, this March a publication revealed that the Canada Revenue Agency was auditing crypto investors. In the audit, the entity asked the investors how they got their assets. On top of this, the agency also required them to clarify whether they obtained their crypto via crypto tumblers.

Do you think Richmond Hill’s decision to accept tax payments in BTC will help boost the coin’s price? Let us know in the comments below.

Trending