Residents of Innisfil, Ont. can now pay their tax using cryptocurrency, in a move that’s made the town the first municipality in the country that accepts Bitcoin.
The town entered a one-year pilot project this month, partnering with Coinberry Pay, a Toronto based crypto currency company to process bitcoin payments for property taxes.
The town has previously partnered with ride-sharing company Uber to create a tax-subsidized, on-demand transit system for the town, saving the town an estimated $8 million annually in transit costs. “We have to be careful – we’re responsible for taxpayers’ dollars,” Dollin said. “So certainly we don’t want to bring any risk to the taxpayers.”
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