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Ontario+Town+Innisfil+all+set+to+approve+Bitcoin+Tax+Payments

Ontario Town Innisfil all set to approve Bitcoin Tax Payments

 

The Ontario town of Innisfil, Canada, recently started a pilot program, this will enable residents to pay property taxes with cryptocurrencies. The Council voted to approve the program on March 27.

Also, the council may further extend support to other cryptocurrencies including Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP) at a later date.

Innisfil has partnered with cryptocurrency payment processing project Coinberry Pay for the same. The payment processor will convert cryptos to Canadian dollars and then transfer payments to the town.  

Innisfil Mayor Lynn Dollin told the leading media news outlet, CBC that the pilot study reveals that new payment pilot indicates that community prioritizes innovation.Interestingly, in 2017, the town of 36,000 launched a tax-subsidized ridesharing program in a partnership with Uber called Innisfil Transit.

Rising Crypto Adoption 

The state of Ohio became the first state in the US, to allow businesses to pay taxes using Bitcoin. Also, recently The County Auditor’s Association of Ohio (CAAO) announced the formation of an active group to study distributed ledger technology for the effective transfer of property deeds.The group to be formed will purportedly test the use of distributed ledger technology for bringing efficiency to management and execution to real estate transactions.

In addition, to transfer of land titles across several nations. Moreover, their ongoing projects will be scrutinized by SafeChain member Tony Frano. This step will help the association set measurable goals also build on operating principle for the new technology.

In February, the state of California introduced a bill to allow cannabis-related businesses to pay fees and taxes in stablecoins. 

Earlier in March, Canada Revenue Agency (CRA), the government’s tax collection service, started auditing investors holding cryptocurrencies like Bitcoin. It questioned investors to clarify multiple points regarding their crypto investments, such as how and through whom they purchased the assets.

Russia Still Wary of Crypto

While several nations are betting high stakes on crypto, Russia is still double minded about digital assets. The Russian State of Duma has delayed considering the bill on digital financial assets to April 2019. Per the report, the decision was made in the morning voting on the agenda of the plenary session. 

Vyacheslav Volodin, the Chairman of the State Duma and coauthor of the draft bill, that adopted amendments will fix the difficulties in lieu with digital rights. 

Last December, Pavel Krasheninnikov, the head of the council and chairman of the State Duma committee said that bill was pushed to the first reading stage as it needed dramatic improvements.