Coinberry co-founder Evan Kuhn claims it’s more efficient to pay taxes using Bitcoin (BTC).
Kuhn explained to real estate news site Mansion Global that his company imposes lesser fees than what credit card companies charge its clients. He said that while a card company will charge three percent, they only charge .5 percent, so it’s better for municipalities.
The Canadian crypto exchange platform serves as an intermediary since local districts aren’t authorized to accept or hold cryptocurrencies because of its volatility. Instead, Coinberry accepts the digital currency payment made by the customer, changes it to Canadian dollars, and transfers the money to the communities.
Kuhn likened the transaction to pay using a credit card. He added that it also doesn’t cost homeowners anything to use their service and that municipalities can save money on processing fees.
Several Canadian municipalities have started taking steps to adapt to the technology. Back in July, Richmond Hill, a city close to Toronto, started accepting Bitcoin payments for property taxes. Six months earlier, Innisfil also began a similar drive on a trial basis.
BTC as Payment for Taxes
Mansion Global has also reported that Norm Kelly, a former councilor of Toronto, suggested back in 2018 that the metropolis should consider accepting BTC payments for taxes. The proposal was reportedly considered, but nothing came out of it. The City Council reportedly requested for additional information on using bitcoin or any other cryptocurrency for payments.
The city’s communications counselor, Ashley Hammill reportedly said that for the motion to be considered once more in the future, another proposition should be forwarded by a member of the council.