Topic: [2019-07-16] Canadian Town Says Yes to Accepting Bitcoin for Property Taxes (Read 173 times)
July 19, 2019, 10:29:16 PM
The City of Richmond Hill in the Greater Toronto Area is making a good decision to recognize that soon we are going to be on the digital and they are one of the pioneers with this coming boom. I am sure that there can be more places that will allow third-party intermediaries (like Coinberry) to accept payments of taxes using Bitcoin and hopefully other cryptocurrencies as well. Of course, we should not expect for the government unit to be directly accepting Bitcoin as that can be a big hassle and risky considering that Bitcoin is volatile but this does not negate the fact that the taxpayer can now use his/her Bitcoin to settle the dues. And that is as good as the sweet cake for me.
July 16, 2019, 06:05:06 PM
This a great news, this ideas can help for government to help the government funds came from the bitcoin which is also can help for the community.
The increase of the economy of each country can alao to give better service from the govern,ent for their communities. Hope this ideas become an example for the other country.
The increase of the economy of each country can alao to give better service from the govern,ent for their communities. Hope this ideas become an example for the other country.
July 16, 2019, 09:45:00 AM
I can't imagine freely letting the government know some bitcoin addresses which you own is really going to be that popular of an idea.
Yup. It's a great way for governments to know what you have been doing with your coins in the past. People not knowing how sensitive their transaction history is will pay the price for it one day. I'm sure they initially won't go after the smaller fishes, but when you add up the smaller amounts it might start to become quite lucrative for governments to start knocking on their door.
I will always pay my taxes in fiat and hope people will do so too. It might look like it's a great form of adoption that governments allow you to use Bitcoin through a payment gateway, but don't shoot yourself in the foot. It's a trap.
July 16, 2019, 06:39:44 AM
There will need to have the volume to make it consistent (not just a dozen dudes using it). This person from Coinberry is smart, because yes, it will create an opportunity for the citizens interested to pay the taxes with BTC, but more for the company, since the municipality won't hold its bitcoins. #money.
July 16, 2019, 06:33:59 AM
Coinberry Pay, the payment processor offered by Coinberry which they will be using, is essentially BitPay for Canada. The municipality will never actually touch bitcoin, and any payments in bitcoin will be instantly converted to Canadian Dollars before being transferred to the town. So as usual with these kinds of headlines, the Canadian town isn't "accepting" bitcoin at all. They are accepting fiat via a bitcoin payment processor.
I'd be curious if anyone can find any data on how many resident in Innisfil have chosen to pay with bitcoin. I can't imagine freely letting the government know some bitcoin addresses which you own is really going to be that popular of an idea.
I'd be curious if anyone can find any data on how many resident in Innisfil have chosen to pay with bitcoin. I can't imagine freely letting the government know some bitcoin addresses which you own is really going to be that popular of an idea.
July 16, 2019, 05:26:18 AM
https://cointelegraph.com/news/canadian-town-says-yes-to-accepting-bitcoin-for-property-taxes
Canadian crypto solutions provider and trading platform operator Coinberry has struck its second municipal partnership to provide Bitcoin payments processing for property taxes.
A press release published on July 15 revealed that Coinberry has begun negotiations with the City of Richmond Hill in the Greater Toronto Area after the Council voted on July 10 in favor of cementing an agreement with Coinberry to support Bitcoin (BTC) property tax payments for residents and firms in its jurisdiction.
The partnership represents Coinberry’s second municipal foray in less than six months, with the firm previously having implemented a crypto payments service with the Town of Innisfil, also in the Greater Toronto Area.
Coinberry is a Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)-registered firm and has been converting multiple cryptocurrencies into Canadian dollars to settle property tax payments with Innisfil, meaning that the municipality itself does not hold crypto directly. The same solution will presumably be implemented in Richmond Hill.
Once negotiations have been finalized, City of Richmond Hill municipal staff are expected to report back on the likelihood they will be able to implement Coinberry’s technology for additional payments of other City fees and broaden services as soon as September 30.
According to the press release, the Council’s affirmative vote in favor of crypto payments means that the City of Richmond Hill’s City Manager is legally authorized to enter into a contract with Coinberry as soon as negotiations are complete.
In a statement, the municipality’s deputy mayor Joe di Paola indicated that:
"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 [...] do the same, it made the decision that much easier for us."
As previously reported, In the United States, the state of Ohio became the first to authorize businesses to pay taxes using Bitcoin. Businesses are allowed to pay 23 different taxes using the crypto through an online portal that was established by the state treasury office.
This March, Cointelegraph reported that the Canada Revenue Agency (CRA) was allegedly auditing cryptocurrency investors and asking them to clarify multiple points, including how and through whom they purchased the assets and whether they use cryptomixing services or tumblers.
Canadian crypto solutions provider and trading platform operator Coinberry has struck its second municipal partnership to provide Bitcoin payments processing for property taxes.
A press release published on July 15 revealed that Coinberry has begun negotiations with the City of Richmond Hill in the Greater Toronto Area after the Council voted on July 10 in favor of cementing an agreement with Coinberry to support Bitcoin (BTC) property tax payments for residents and firms in its jurisdiction.
The partnership represents Coinberry’s second municipal foray in less than six months, with the firm previously having implemented a crypto payments service with the Town of Innisfil, also in the Greater Toronto Area.
Coinberry is a Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)-registered firm and has been converting multiple cryptocurrencies into Canadian dollars to settle property tax payments with Innisfil, meaning that the municipality itself does not hold crypto directly. The same solution will presumably be implemented in Richmond Hill.
Once negotiations have been finalized, City of Richmond Hill municipal staff are expected to report back on the likelihood they will be able to implement Coinberry’s technology for additional payments of other City fees and broaden services as soon as September 30.
According to the press release, the Council’s affirmative vote in favor of crypto payments means that the City of Richmond Hill’s City Manager is legally authorized to enter into a contract with Coinberry as soon as negotiations are complete.
In a statement, the municipality’s deputy mayor Joe di Paola indicated that:
"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 [...] do the same, it made the decision that much easier for us."
As previously reported, In the United States, the state of Ohio became the first to authorize businesses to pay taxes using Bitcoin. Businesses are allowed to pay 23 different taxes using the crypto through an online portal that was established by the state treasury office.
This March, Cointelegraph reported that the Canada Revenue Agency (CRA) was allegedly auditing cryptocurrency investors and asking them to clarify multiple points, including how and through whom they purchased the assets and whether they use cryptomixing services or tumblers.
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