A small town in Ontario, Canada, has voted to run a one-year pilot project where residents will be able to pay their property taxes in Bitcoin. The local council voted in favor of the pilot project, giving it the green light to go ahead and give Bitcoin yet another purpose in the lives of citizens. The local council won’t be holding Bitcoin, but instead will receive the funds in fiat thanks to its payment provider. By teaming up with CoinBerry Pay, citizens will be able to pay an automatically generated QR code in BTC, the funds will then be automatically converted at the current market rate into fiat, which the government will then receive.
A Choice Moment for Crypto Taxes
The current crypto scene in Canada is all shaken up from the QuadrigaCX commotion, leaving many people rather unsure of how to move forward. It recently came out that QuadrigaCX’s co-founder is Omar Dhanani – a well-known bank and credit card scammer – a fact that severely dented the crypto community’s reputation in Canada. This could leave many people in Canada wondering if crypto really is the way forward if a known criminal can hold such a high position in a cryptocurrency exchange.
Paying Taxes in Bitcoin is Becoming Popular
Despite the QuadrigaCX mess, Bitcoin is helping to make paying taxes fun – there’s something we never thought we would say. Just south of the Canadian border, Ohio became the first US state to allow companies to pay their taxes in Bitcoin, and Overstock took the crown of being the first company to do so. Since then, California began mulling over plans to let cannabis dispensaries to pay taxes in Bitcoin, while New Hampshire passed a bill to make taxes payable in Bitcoin a real option in the state. Governments accepting taxes in Bitcoin is quickly becoming a hot topic and a rather popular movement around the world – whatever gets the people paying their taxes we suppose.
Innisfil is a relatively small town with just 36,000 full-time residents, meaning that it’s not likely that many people will actually pay their taxes in BTC. However, as far as adoption goes, this little town gets full marks for trying its hardest. As more towns, cities, and states begin to accept tax payments in crypto, we will move closer towards a more crypto-focused society – finally giving crypto holders a use for their tokens.