Canada approved paying bitcoin with Bitcoin for Innisfil town - page 4.

darklus123

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Quote from: The Cryptovator on March 29, 2019, 03:17:23 AM

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

If we gonna talk about cryptocurrency's progress I think it's no use at all. Even if you can now pay directly through bitcoin, they are still going to convert it to their main currency(which only means that the government is still directly not accepting/supporting bitcoin.)

Note that we can only guarantee that the government is now really supporting this type of currency when they actually do hold the coin(which can be a nation's asset).

Muzika

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Quote from: The Cryptovator on March 29, 2019, 03:17:23 AM

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

Bitcoin as payment medium on paying tax is very a positive thing that happens on bitcoin right now, if the government accepts it then they might looking forward for other uses of cryptocurrency and hoping that other huge country support crypto as Canada did.

mrdeposit

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I just heard that Ontario city started the pilot program : https://cointelegraph.com/news/canada-ontario-town-approves-pilot-program-for-paying-property-taxes-with-bitcoin. Also, this is not a complete acceptance, just like testing.

Lucius

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The title is a bit misleading, because it's just about a pretty small town with population less then 40 000 inhabitants, and it is a big question how many people in that city know what is bitcoin. It is also important to emphasize that it is just a one year pilot program, and that paying tax with bitcoin in Canada as country at this point is just an idea which will be tested in Innisfil.

In 2017 Chiasso (Switzerland) is allow citizens to pay tax in bitcoin, and before them Zug is also allowed that. It is positive that such things happen in the world, and that bitcoin becomes recognized as something which can be used legally, not only as dark web currency or a money laundering mechanism.

Bitinity

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It is good news for the bitcoin community but probably sad news for some other people who are not able to experience the same thing. I am one of those who cant experience the same thing, as it is clear that my country wont let any other payment methods except fiat. Of course it can be changed in the future but it wont happen in the near future. Sometime I feel jealous to those who can use bitcoin as a payment method in their real life.

NeuroticFish

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Quote from: geminiboy on March 29, 2019, 05:35:13 AM

this is good news from Canada after the sad news about the death of CEO Gerald Cotten, the exchange boss Quadriga

The Quadriga story is still unclear, it has a high chance to be a multi-million scam and nothing more. Sad story for canadian speculators that kept big funds at an exchange..
The normal crypto investors should have their coins in their own wallets and they are not so badly affected by this, although a big exchange disappearing is not great. But they can always use other exchanges. Money flows all around the world nowadays.

The news about paying the taxes with Bitcoin is indeed a good news and a great signal. I am happy for Canadians. Yet another country going on the right direction in the relation with crypto.

geminiboy

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this is good news from Canada after the sad news about the death of CEO Gerald Cotten, the exchange boss Quadriga, which is one of the largest exchanges in Canada, in this case Quadriga is reported to have experienced a major crisis because it has to bear investor funds of $ 145 million,hopefully this good news can restore the Quadriga exchange and great adoption is imminent

haidil

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this is good news, of course this is the best achievement for bitcoin. if the country has accepted bitcoin in terms of paying taxes, of course in other developed countries it will accept it too

ttcsalam

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Quote from: The Cryptovator on March 29, 2019, 03:17:23 AM

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

This is very good news Canada accepting bitcoin for paying Tax. This is one of most important positive news for every investor and trader. Accept paying tax with bitcoin, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. then it will very help for all country.for trade and invest i think.

alisafidel58

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Pretty impressive for the government of Canada manage to adopt bitcoin as a way to pay taxes. Looks like bitcoin is getting a positive response from one of the 1st world country. I hope this is the start of bitcoin getting major adoption this year.

Steamtyme

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It's pretty interesting I hadn't heard of that. Mind you I do live in a different province. It would have been significantly cooler if the town was actually taking in BTC to their own wallet and deciding what to do from there. Baby steps though.

I suspect this is more of a tourism/awareness stunt to promote the town itself. Although they do seem to be trying to promote a progressive community, I dug a little deeper and they use subsidized Uber instead of public transit.

Edit: Just remembered you may want to change the title to "paying taxes with Bitcoin"
And to clarify it's only a single town, this would not represent the Canadian Government. They actually have warnings on their site stating they do not accept Cryptocurrency, to warn against scams.

More worrisome is a survey by the Canadian government asking people in a survey about their crypto investments and use of mixing services. Go through all the trouble of mixing only to say yeah I use them all the time. Grin

Ayiranorea

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Quote from: The Cryptovator on March 29, 2019, 03:17:23 AM

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

That's really a positive news for bitcoin growth around the world. Most of the services accepting bitcoin does the same. This is all because of the volatility that bitcoin has, we need direct acceptance. The present acceptance is through an intermediary, there are several such service renders like coinberry and the most preferred is the bitpay. Also I suggest you to change the thread headline. Bitcoin with bitcoin is not fair.

Haunebu

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This is great news although this is currently offered by the town of Innisfil only at present, but it is still a great start. Ohio also offers this facility in the USA and I am hoping that majority of USA and Canada will offer this service sometime in the future pushing BTC even closer to mass adoption.

So many countries are drafting regulations at present to regulate BTC which is much better than an outright ban on crypto by certain countries in general.

The Cryptovator

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Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

Topic: Canada approved paying bitcoin with Bitcoin for Innisfil town - page 4. (Read 691 times)