Canadian Town Of Innisfil To Accept Bitcoin Payments For Property Tax

News, Now Accepting | April 1, 2019 By:

Innisfil, a town in Ontario, Canada, located on the western shore of Lake Simcoe in Simcoe County, has approved a pilot project that will allow residents to pay their property taxes with bitcoin.

The Town of Innisfil, which has a population of approximately 36,000 people, recently partnered with Toronto-based company Coinberry Limited, who will provide the crypto payment service for residents as part of a one-year pilot project. According to the Innisfil Council, the crypto payment option will be launched later this month when many residents pay their second installment of property taxes.

“Once again, we are proud to be first in taking this bold step by offering this new, exciting payment option to our residents,” said Innisfil Mayor Lynn Dollin. “There’s no doubt that cryptocurrency is growing in usage and popularity. By getting into this now, we are making sure our municipality is ahead of the game, and signalling to the world that we truly are a future-ready and innovative community.”

Once launched, residents will see a new payment option appear on the town’s website, where users will have the option of paying with bitcoin. In the future, the council plans to add other cryptocurrency options like ethereum, Litecoin, Bitcoin Cash, and Ripple. The service will utilize the town’s crypto wallet with Coinberry Pay, a cryptocurrency payment solution, and will adhere to existing financial regulatory requirements. Coinberry will instantly convert the bitcoin funds to Canadian funds and transfer to the Town of Innisfil.

“Leaders from all levels of government who are first to recognize the benefits of the ‘new money economy’ will be the first to reap the rewards,” said Andrei Poliakov, Coinberry CEO and Co-founder. “We are extremely pleased at achieving a milestone in the history of adoption of cryptocurrency in Canada.”