Canadian city lets residents pay property tax with bitcoin (BTC)

Canadian city lets residents pay property tax with bitcoin (BTC)

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Coinberry, a Canadian cryptocurrency exchange, has started negotiations with the Canadian city of Richmond Hill about implementing the option to pay real estate tax with bitcoin (BTC). That states a press release published on July 15 .

On 10 July, the Richmond Hill City Council voted for an agreement with Coinberry. Richmond Hill is the second Canadian city that wants to offer the possibility to pay real estate tax with bitcoin. Coinberry entered into such a partnership with the nearby town of Innisfil a few months ago.

We believe that the demand for an option to pay with digital currencies will only grow in the coming years, especially among millennials. Our Council was aware of Coinberry’s successful implementation of a digital payment service with the city of Innisfil, and since there were no costs and no risks for Richmond City to do the same, it made the decision a lot easier for us.

Says Joe Di Paola, deputy mayor of Richmond Hill.

Andrei Poliakov, CEO and co-founder of Coinberry, said to be happy with the collaboration:

We are very happy to enter into a partnership with our second Canadian municipality. Leaders of government and business organizations realize that, with the right partners, they can innovate with blockchain and digital currencies. We are excited to work on additional innovative solutions with leading business and municipal partners and we have a number of very exciting initiatives that we will announce in the coming months.

As soon as the negotiations have been completed, it will be examined whether implementing real estate tax with bitcoin is actually technically feasible. Coinberry and the municipal council have a few months to do this. They only meet again at the end of September.

At the beginning of last month, the Canadian government released an official concept for new rules for cryptocurrency exchanges that focus on know your customer (KYC) and anti-money laundering (AML) rules.

Earlier this year, the Canadian cryptocurrency exchange QuadrigaCX suddenly had to close its doors. The owner of the exchange had died under suspicious circumstances last year. He was the only person who had access to the cold storage wallets of the exchange and took the private keys into the grave. As a result, the exchange was unable to pay out around $ 200 million owed to its users. Recently it turned out that the former CEO had used customers’ cryptocurrency to invest.

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About Viktor Sokolov 130 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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