Small Town In Toronto Now Accepting Crypto For Taxes

Last July 15, a press release revealed that the city of Richmond Hill is teaming up with Coinberry with the main aim of enabling their residents to be able to pay municipal taxes with their cryptocurrency holdings.

The municipality's council voted in favor of allowing its residents to pay their municipal taxes with digital currency believing that demand for a digital currency payment option is only going to grow in the coming years, especially amongst the younger residents.

If this negotiations be successful, Coinberry achieved their second collaboration with a Canadian municipality, next to Innisfil, a town not too far from Richmond Hill, saw a crypto payment portal from Coinberry that only accepted Bitcoin.

It must be noted that once Coinberry received the digital assets used to pay taxes it will automatically be converted to Canadian dollars and then deposited to the bank account of the town.

This are positive signs coming from Canada which has acknowledged the growing trend of digitization of money and accepted the fact that sooner or later more and more people will be using alternative digital money to store and exchange value.