Home » , » Taxes What do Ontario (USA) citizens pay with Bitcoin ...? Curious, Read This Article ....

Taxes What do Ontario (USA) citizens pay with Bitcoin ...? Curious, Read This Article ....

Written By Hanny & Melissa on Saturday, April 06, 2019 | Saturday, April 06, 2019

The Innisfil government in Ontario, Canada, the United States accepts Bitcoin as a tax payment option. This will be tested for one year, starting this April. The government partnered with Coinberry, a crypto trading company based in Toronto.

According to the Innisfil government, 36 thousand residents of the municipality will be able to use Bitcoin to pay property taxes through the official website. Other crypto options called will follow, including Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC) and Ripple (XRP).

People can access the Innisfil Municipality digital wallet through Coinberry Pay and pay taxes with Bitcoin. Funds received in crypto will be processed according to regulations prescribed by current financial regulations and immediately converted to Canadian dollars.

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Cooperation is needed, because the Innisfil government only accepts Canadian dollars, while crypto parts are handled by Coinberry. Coinberry is a company registered with the Canadian Financial Transaction and Report Analysis Center (FINTRAC).

"We are proud to be the first to offer this new and attractive payment option to our citizens. No doubt crypto is increasingly popular in use. We want to enter from now on so that our municipality is always at the forefront, while showing the world we are an innovative community that is ready to face the future". Said Lynn Dolin (Mayor of Innisfil)

Coinberry cEO Andrei Poliakov said, leaders from various levels of government who are able to recognize new economic excellence, will be the first to reap the benefits. He said, Coinberry was very happy to be involved in historic events in terms of crypto adoption in Canada.

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Tax payments with crypto began to spread in various cities in America and Canada. In November last year, the state of Ohio said it would accept Bitcoin for tax payments using BitPay services.

The service currently only applies to business entities that want to pay taxes using Bitcoin. Reportedly, there are only two taxpayers who use Bitcoin for taxes, and one of them is Overstock, an online retail company.

Then for Ohio it is rumored to be opening Bitcoin options for personal taxpayers in the future. (cbc.ca/, businesswire.com/ ,cryptoglobe.com/ auth)

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