Innisfil, the town of Ontario will be the first municipality in Canada to accept digital currency or cryptocurrency as a proper tax payment. On Tuesday, the council voted in the favour of a one-year pilot project agreement with Coinberry Limited. Coinberry is a Toronto based company.
It is located at the north of Toronto and south of Barrie, Ontario with 36000 population.
Innisfil residents will be able to pay the property tax with Bitcoin by Coinberry operated digital wallets. It will convert the cryptocurrency into Canadian fund and will ultimately transfer it to town.
Moreover, other various forms of cryptocurrency which can be used are Litecoin, Ripple, Etherium and Bitcoin cash.
Coinberry Cofounder & CEO Andrei Poliakov is extremely pleased with the adoption of cryptocurrency in Canada hence achieved his milestone.
Also Read: Canada Automobile Companies Indicated India Arrival
Furthermore, Innisfil will also provide a tax-subsidized Uber ride-hailing service.
Mayor Lynn Dollin is saying that Innisfil is signalling world that they are an innovative community which is ready for the future.
On Tuesday, Ontario securities commission said that this operation includes more than 40 regulators of the unites states and Canada as a part of the crypto sweep.
In Addition, the cryptocurrency experiment is still going to launch despite the risks of no backup from the central bank or government.
Investigators are still uncertain about the missing $190 million of QuadrigaCX Co-founder. Notably, he died without revealing his password. Hence, his wealth or money is still inaccessible.
From the March beginning, Cryptosweep has operated over 35 unresolved or complete execution actions. Coinberry will process the payments in accordance with the existing financial regulatory.
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