The Town of Innisfil will be the first municipality in Canada to accept
cryptocurrency (e.g. Bitcoin) as a method of payment for property taxes.
Last night, Innisfil Council voted in favour of forming an agreement
with the Toronto-based company, Coinberry Limited, who will provide the
service for residents as part of a one-year pilot project.
“Once again, we are proud to be first in taking this bold step by
offering this new, exciting payment option to our residents,” said
Innisfil Mayor Lynn 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.”
The new payment option should be ready sometime in April when many
residents pay their second installment of property taxes.
“Along with this partnership, Coinberry is extremely pleased to announce
the launch of Coinberry Pay – an easy-to-use cryptocurrency payment
solution that will allow Innisfil residents to pay their taxes using
cryptocurrency,” said Andrei Poliakov, Coinberry CEO and Co-founder.
“Leaders from all levels of government who are first to recognize the
benefits of the ‘new money economy’ will be the first to reap the
rewards. We are extremely pleased at achieving a milestone in the
history of adoption of cryptocurrency in Canada.”
How it will work
Starting in April, residents will see a new payment option appear on
the Town of Innisfil’s website, where users will have the option of
paying with Bitcoin. Other cryptocurrency options like Ethereum,
Litecoin, Bitcoin Cash, and Ripple could be added in the future.
Residents will access the Town of Innisfil’s digital wallet with
Coinberry Pay and pay their taxes using Bitcoin.
Coinberry will process the funds in accordance with strict adherence
to existing financial regulatory requirements.
The funds will be instantly converted to Canadian funds and
transferred to the Town of Innisfil.
About Coinberry Limited
Coinberry is a Toronto-based, FINTRAC-registered, financial technology
solutions provider focused on blockchain and digital currency solutions.
Coinberry operates the Coinberry.com cryptocurrency trading platform,
offering members the simplest and quickest way to transact and process
payments made with Bitcoin, Ethereum, Litecoin and Ripple. Similar to
Expedia, Coinberry.com secures the best cryptocurrency prices using its
proprietary search algorithm. Coinberry.com was the first cryptocurrency
trading platform in Canada to introduce 0% funding fees and 0%
Coinberry Pay is the cryptocurrency payment processing solution
developed by Coinberry and available to merchants, charities,
municipalities and individuals looking to accept cryptocurrency
payments, donations and tips with no exposure to cryptocurrency price
volatility and instantaneous no-fee withdrawals of Canadian dollars.
About the Town of Innisfil
Situated just south of Barrie and about 45 minutes north of Toronto, the
Town of Innisfil is a growing community with a population of
approximately 36,000 people. Innisfil prides itself on having a
small-town feel while offering modern amenities such as a transit system
powered by ride-sharing, cutting-edge libraries, sports facilities and
access to the beautiful Lake Simcoe. Town staff and its Council are
dedicated to helping the community grow in a sustainable way to become a
place that is connected physically, socially, culturally and digitally.