Topic: A city in Canada is letting people pay taxes in Bitcoin - page 5. (Read 851 times)
This seems like great news, everyday we hear about these news about governments banning it and shutting people associated with it, and it is really good to see some good news coming from them at least for once, and i hope that this only encourages more and more people to trust in bitcoin and start using it, and not just for taxes but also in their everyday lives like to pay for groceries and pay for transportation.
This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:
https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be
https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be
I am surprised! I believe, few months back Canadian banks have started closing/freezing accounts if they are suspected to have dealt with cryptocurrency! I still found few news links about it,
https://www.reddit.com/r/Bitcoin/comments/888d25/cibc_bank_closes_down_my_account_for_trading/
https://www.trustnodes.com/2018/04/03/local-bitcoin-trading-volumes-spike-canada-bank-bans
Now it's a complete turn about from the previous stance! I doubt the authenticity of this news!
This can happen time to time yet decisions and views would be reverted if they wanted to.This adoption shows some progress that it can really be used on these kind of transactions.
Hope they wont revert this once again.
This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:
https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be
https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be
Great news really.
I hope that soon something like this will be possible in my country to.
Just recently main tax office issued official opinion about crypto trade and explain procedure how to report and pay taxes on the profit from crypto trade.
I hope that next step will be to accept possibility to pay taxes with bitcoin.
what I am asking is how the value of tax is determined by bitcoin which we all know so far that the price of bitcoin is always changing in an instant, is tax at a value with the ongoing btc price?
Of course. They'll be using somewhere like Bitpay most likely which sets the price the moment you're charged. I seriously doubt any government department is going to become a Bitcoin holder. The money flies out as quick as it comes in.
Bitcoin is coming up as the world currency in no time soon, it will still be more generally acceptable. For now it is not popular and trusted enough. Only those who are using it already can vouch for it and can confidently make transaction with it within themselves.
And more so to pay it to taxi driver will it have to be by digital?
what I am asking is how the value of tax is determined by bitcoin which we all know so far that the price of bitcoin is always changing in an instant, is tax at a value with the ongoing btc price? And more so to pay it to taxi driver will it have to be by digital?
This is a bit old news, someone has already started thread with similar topic somedays ago on this forum. This is indeed a good news for cryptocurrencies that developed country like Canada has started accepting property taxes via Bitcoin in few cities. I hope govt will implement it in the entire country once this payment method is successful. Due to its decentralize nature, fast and cheap transaction, people will love to pay taxes with Bitcoin. Very soon other developed countries should start using cryptocurrencies in govt transactions.
Ye they should allow it for the entire that would be a better news. Doing it with one city isn't going to make people buy btc just so they can pay their taxes, if they offer 20% less if tax payers pay in BTC, people may probably cram on Bitcoin ATM. Whenever I think the government is starting to accept BTC, it feels like they are also up to create their own exchange.
Bitcoin is coming up as the world currency in no time soon, it will still be more generally acceptable. For now it is not popular and trusted enough. Only those who are using it already can vouch for it and can confidently make transaction with it within themselves.
And more so to pay it to taxi driver will it have to be by digital?
And more so to pay it to taxi driver will it have to be by digital?
This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:
https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be
https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be
I am surprised! I believe, few months back Canadian banks have started closing/freezing accounts if they are suspected to have dealt with cryptocurrency! I still found few news links about it,
https://www.reddit.com/r/Bitcoin/comments/888d25/cibc_bank_closes_down_my_account_for_trading/
https://www.trustnodes.com/2018/04/03/local-bitcoin-trading-volumes-spike-canada-bank-bans
Now it's a complete turn about from the previous stance! I doubt the authenticity of this news!
This is a bit old news, someone has already started thread with similar topic somedays ago on this forum. This is indeed a good news for cryptocurrencies that developed country like Canada has started accepting property taxes via Bitcoin in few cities. I hope govt will implement it in the entire country once this payment method is successful. Due to its decentralize nature, fast and cheap transaction, people will love to pay taxes with Bitcoin. Very soon other developed countries should start using cryptocurrencies in govt transactions.
Who the hell would want to pay the most boring cost of their daily lives with their precious asset? I could just about get over paying for something that gave me a great deal of pleasure when BTC was valued far lower. The idea of paying 1 BTC in taxes and then it doing a 10-20x before the year was out would utterly ravage me.
It's really great for bitcoin that pay taxes in bitcoin. Now bitcoin is available for offline transaction also people now pay bills, buy tickets, and pay taxes in bitcoin. Bitcoin now becoming as strong as online transaction. In online bitcoin is the best than others and that's good sign for bitcoin.
I have heard of this news and it's really unimaginable that bitcoin could reach most countries this way. We can see that bitcoin is continuously and actively moving in countries who are open for cryptocurrency adoption. In our country, it's being used to transact faster and easier but I'm also hoping that our country would also accept bitcoin to pay taxes. It is being used to pay bills and tuition here and I strongly believe that it could be used in more ways in the future.
I think this is old news. Heard about this through a thread somewhere in the forum before. This is good news, but this is a single city and not the whole of Canada that is allowing people to do this.
Some of my friends in Canada did inform me that the entire country might provide this feature in the near future though. Exciting times!
Yes it is an old news which is discussed in our forum earlier https://bitcointalksearch.org/topic/canada-approved-paying-bitcoin-with-bitcoin-for-innisfil-town-5125818. Once again in my view bitcoin acceptance taken forward in Canada is really a good thing that supports the growth of bitcoin. Following Canada can expect more countries doing the same. Some of my friends in Canada did inform me that the entire country might provide this feature in the near future though. Exciting times!
It's a great move, although the question is how long would they be keeping it like this and how would those taxes be useful for the said town in the long run knowing so well that only a handful of merchants, services, organizations and entities are willing to receive bitcoin in exchange of what they're offering. Somewhere along the way, they would be needing to convert these into fiat and I sure hope that they have OTC markets set-up for that in order to not disrupt the flow of the market. I just hope that they also encourage businesses to receive bitcoins in exchange of their merchandise and services, too, for it to have a wider use-case and not just limited into paying taxes because I'm pretty sure the interest for buying directly with bitcoin is already skyrocketing by now.
I think this is old news. Heard about this through a thread somewhere in the forum before. This is good news, but this is a single city and not the whole of Canada that is allowing people to do this.
Some of my friends in Canada did inform me that the entire country might provide this feature in the near future though. Exciting times!
Some of my friends in Canada did inform me that the entire country might provide this feature in the near future though. Exciting times!
This is really a great one and it shows the level of cryptocurrency adoption and bitcoin is taking the lead, I just hope the crypto friendly environment will continue and spread to other part of the world where authorities see bitcoin as a thread to the traditional financial system and start accepting for tax and other Levy's.
This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:
https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be
https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be
Jump to: