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The Ontario city of Innisfil, Canada, has launched a pilot program that will allow residents to pay property taxes with cryptocurrencies. The Innisfil board voted in favor of approving the program on March 27.
According to Radio-Canada, Innisfil, in partnership with the Coinberry Pay cryptocurrency payment processing project, will allow its residents to pay Bitcoin property taxes (BTC), which converts cryptocurrency into Canadian dollars and transferring payments to the city.
The initiative could extend support to other cryptocurrencies, including Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Ripple (XRP) at a later date.
Innisfil Mayor Lynn Dollin told the CBC that the new payment pilot project showed that the community is prioritizing innovation. In 2017, the city of 36,000 has launched a shared carpool program in partnership with Uber, Innisfil Transit, with Uber.
In the United States, the state of Ohio has become the first to allow businesses to pay taxes using Bitcoin. Companies are allowed to pay 23 different taxes with the help of crypto via an online portal set up by the Treasury office. Although the new initiative aims to help businesses pay their taxes more easily, only two companies would have benefited from the new service last year.
In February, lawmakers in the state of California introduced a bill allowing cannabis-related businesses to pay duties and taxes in common currency. Bill 953 authorizing state, city and county tax offices to accept cryptocurrencies attached to a physical badet or to a fiduciary currency of cannabis-related companies seeking to pay their excise or culture taxes The bill has now been referred to committee.
Earlier in March, Cointelegraph announced that the Canada Revenue Agency (CRA), the government's tax collection service, would audit investors in encrypted currencies such as Bitcoin. The CRA asked investors to clarify several points regarding their investments in cryptography, for example how and by whom they had purchased the badets and whether they were using cryptocurrency mixing services or goblets.
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