Richmond Hill, Canada, starts accepting crypto for tax payments

The Canadian city of Richmond Hill will explore offering property taxes on crypto assets after recently receiving approval from council. The service will be provided by its domestic digital currency platform Coinberry.
Richmond Hill is the second Canadian city to accept cryptocurrency for tax payments. Innisfil, Ontario, is the first to partner with the exchange.
Pay your property taxes with crypto ? You can in Canada!
Canadian trading platform Coinberry said it is in discussions with the city of Richmond Hill, Ontario, to provide crypto-asset payment processing solutions. The goal is to allow residents and businesses to pay property taxes using cryptocurrencies .
As reported, the city council voted last week on whether to allow the use of crypto for tax payments. It decided in favor of a deal with the exchange platform operator.
This is the second municipal partnership Coinberry has established in Canada.
Deputy Mayor Joe Di Paola commented on the decision to allow residents to pay taxes using crypto assets:

“We believe that demand for digital currency payment options will grow in the coming years, especially among millennials.”

Paola went on to say that the council had observed the tax solution previously implemented by Coinberry in the Town of Innisfil. The deputy mayor said the decision was not difficult due to the lack of upfront costs and the low risk to the council itself.
The council and Coinberry are interested in feedback from city staff on the effectiveness of property tax payments. They are considering implementing crypto asset payment options for other city fees and charges.
Coinberry CEO and co-founder Andrei Poliakov stated that he is excited about the company’s second municipal partnership, expressing optimism that authorities around the world are beginning to see the innovative potential of blockchain technology and crypto assets:

“Leaders in government and business are realizing that with the right partners, they can innovate with blockchain and digital currencies . We’re excited to develop additional innovative solutions with leading corporate and municipal partners, and we have some very exciting plans to announce in the coming months.”

Although far from unconventional, the two Ontario communities are not the only ones to accept Bitcoin for tax payments. Ohio reportedly became the first U.S. state to allow business taxes to be paid in Bitcoin last year. Overstock.com is an online retail company that is well known for its love of Bitcoin. Other U.S. states have carefully considered the idea but have not implemented it due to a lack of understanding of the technology.
Source: Newsbtc