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Canadian City Accepts Bitcoin For Property Taxes

Canadian City Accepts Bitcoin For Property Taxes

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The widespread adoption of cryptocurrency has, in recent times, been the center of conversation in many industries. A variety of use cases have been developed for Bitcoin and other cryptocurrencies but the use of digital assets by ordinary people has been slowed down due to a number of regulatory obstacles. This seems to have eroded public interest in cryptocurrencies and lessened the desire to use them among the general public.

Richmond Hill Property Taxes

A small town located a couple of hours outside of Toronto, Richmond Hill, may well be on the way to achieve the kind of progression that cryptocurrencies needs. The town which has an approximate population of 200,000 has made an announcement that they will be accepting cryptocurrency for the payment of property tax.

The announcement was made through a press release on the 15th of July and it revealed that the City of Richmond Hill may be partnering with Coinberry. The municipality’s council put in a vote in favor of the municipality joining hands with the cryptocurrency startup.

Richmond Hill’s deputy Mayor said that they believe that the demand for payment options that accommodate digital currencies is only growing in the coming years, especially amongst millennials. If the partnership between the municipality and the startup comes to fruition, people will be able to make property tax payments using Bitcoin. The official implementation of the payment system is subject to successful negotiations between the two parties which they are currently engaged in.

Inner Workings Of The Partnership

Those seeking to make payments using Bitcoin will make their payment to the municipal through Coinberry. Coinberry will convert the funds received to fiat currency and the municipality will receive Canadian Dollars. The adoption of cryptocurrency by Richmond Hill may not be direct but it is a step in the right direction for Bitcoin and cryptocurrencies. There will need to be regulatory changes before the municipality can directly adopt cryptocurrency.

If the two parties come to an agreement, this will be Coinberry’s second partnership with a Canadian municipal for similar projects. Coinberry partners with the town of Innisfil to provide a crypto payment portal through which payments can be made using Bitcoin. If the pilot program is successful, there are plans to add other digital assets such as Ethereum, Ripple XRP, Litecoin and Bitcoin Cash.

A Boost For Cryptocurrency Trading

The proposed partnership between the town of Richmond Hill and Coinberry is an example of the kind of endeavors that will be crucial for the widespread adoption of cryptocurrency. If the option to make payments via cryptocurrency is availed, more people will engage in cryptocurrency trading which will propel the crypto industry as a whole forward. The citizens of Richmond Hill can look forward to the prospect of being able to buy cryptocurrencies, provided the negotiations between the municipality and Coinberry are successful.

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