Canada will accept Bitcoin to pay taxes!
The small town of Innisfil, located 45 minutes north of Toronto, has approved an initiative that will allow residents to pay their taxes in Bitcoin (BTC) starting in April 2019.
Andrei Poliakov, founder and CEO of Coinberry, said his platform has been in negotiation with government officials for months thanks to the Blockchain Associaton of Canada.
In this sense, Coinberry will act as a payment processor for residents who wish to pay their taxes using Bitcoin, thanks to their Coinberry Pay payment solution.
However, taxpayers must access this solution via a government website.
Once the payment is processed, the crypto payment processor will convert the cryptographic currency into Canadian Dollars and transfer it to the municipal government.
For now, taxpayers can only make payments using Bitcoin, but Poliakov said Coinberry Pay plans to add support for Ether (ETH), Litecoin (LTC), Ripple (XRP) and Bitcoin Cash (BCH).
This initiative appears to be an excellent alternative for Canadian citizens and the cryptocurrency sector, particularly at a time when the credibility of this sector is greatly compromised by the scandal of the QuadrigaCX debacle.
With a municipal government deciding to trust Coinberry and Bitcoin, the most popular asset of the cryptographic ecosystem is one step closer to massive adoption, understanding, and destigmatization.
On the other hand, remember that this is not the first time an administration approves an initiative of this style, as the US state of Ohio was the first to accept payments in Bitcoin.
If big companies like Airbnb start accepting Bitcoin payments, being able to pay taxes in Bitcoin and cryptocurrency is a very positive sign for the cryptocurrency industry.
The more there will be opportunity to use cryptocurrency, the more there will be people who will be looking into it.
One more step towards the adoption of cryptocurrency and Bitcoin in the world.
