The town of Innisfil, Ontario will begin accepting cryptocurrencies such as Bitcoin as payment for property taxes. Innisfill has a population of 36,000 people, and is just south of Barrie, Ontario, a 45-minute drive from Toronto. According to a report by CTV News, the town council passed a motion to implement a one-year cryptocurrency pilot project, in collaboration with a Toronto fintech company. The project will allow Innisfil, Ontario residents to pay their taxes with Bitcoin.
Beginning in April, town residents can make tax payments with Bitcoin using a digital wallet operated by the company, Coinberry Pay. The digital wallet then converts the cryptocurrency to Canadian dollars and transfers the payments to the town. According to Bitcoin Magazine, Innisfil is the first town in Canada to accept Bitcoin for municipal taxes.
Innisfil's mayor, Lynn Dollin, says the town is proving to the world that it's a key player in revolutionizing the tech landscape of Ontario. The town also offers its residents tax-subsidized Uber rides as an inexpensive alternative to riding the town's regular public transit options, the Financial Post reports.
"Once again, we are proud to be first in taking this bold step by offering this new, exciting payment option to our residents," said Mayor Dollin, "There’s no doubt that cryptocurrency is growing in usage and popularity. By getting into this now, we are making sure our municipality is ahead of the game, and signalling to the world that we truly are a future-ready and innovative community."
A 1st in 🇨🇦! The Town of Innisfil, Ontario will let residents pay property taxes w/ #Bitcoin— Mags (@Crypto_Mags) March 28, 2019
Residents will send #BTC to the town's digital wallet in partnership w/ @coinberryio, which will instantly convert #crypto to fiat#innovation #payments #FinTech https://t.co/GL5heAnnnh
The Ontario town that replaced their public transit system with Uber has announced that next month they will start accepting Bitcoin to pay taxes.— 𝙅𝙖𝙢𝙚𝙨 𝙈𝙘𝙇𝙚𝙤𝙙 (@jamespmcleod) March 28, 2019
I am being serious. https://t.co/sQ8EkQ259S
Controversy surrounds the town's decision to launch the pilot project, since cryptocurrency isn't backed by any government or central bank, unlike conventional currency. But, it certainly proves that Innisfil is determined to make a name for itself as one of the most forward-thinking towns in Canada.