Canadian Town Now Accepts Bitcoin For Property Taxes
Coinberry, a Canadian crypto solutions provider and trading platform struck its second municipal partnership to provide Bitcoin payments processing for property taxes.
According to a press release published on July 15, Coinberry has begun negotiations with the City of Richmond Hill in the Greater Toronto Area after the Council voted on July 10 in favor of an agreement with Coinberry to support Bitcoin property tax payments for residents and firms in its jurisdiction.
Coinberry had also previously implemented a crypto payments service with the Town of Innisfil.
Coinberry is a Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)-registered firm and has been converting multiple cryptocurrencies into Canadian dollars to settle property tax payments with Innisfil.
Once negotiations have been finalized, City of Richmond Hill municipal staff are expected to give a report on the likelihood that they will be able to implement Coinberry’s technology for additional payments of other City fees.
According to the press release, the Council’s affirmative vote in favor of crypto payments means that the City of Richmond Hill’s City Manager is legally authorized to enter into a contract with Coinberry as soon as negotiations are complete.
In a statement, the municipality’s deputy mayor Joe di Paola said:
“We believe that the demand for a digital currency payment option is only going to grow in the coming years, especially amongst millennials. Our Council was aware of Coinberry’s successful implementation of a digital currency payment service with the Town of Innisfil, and since there was no cost and no risk to […] do the same, it made the decision that much easier for us.”