Canada approved paying bitcoin with Bitcoin for Innisfil town

[lyks15]

I think this will be a good start of bitcoin's acceptance because the one of most progressive and rich country are now accepting bitcoin. As a one of the leading country in the world,it can be a good role model to the other countries to follow their strategies to  become progressive too. So it is a good benefits for bitcoin because I think many countries will do accepting bitcoin soon.

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[pundit]

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially.  Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

This is indeed a good news for cryptocurrencies. Canada is one of the developed country backed by strong economy, if they are accepting tax via Bitcoin this is a very positive news for Bitcoin acceptance. I think the day is not far away when other countries with strong economy will start accepting Bitcoin for such services/tax payment. Govts. and big companies are now accepting the power of blockchain technology. Blockchain has faster and low cost transactions with high security and these are indeed unique features to be accepted widely.

[traderethereum]

After all, that is a good step from that city, so they approve bitcoin as the payment option. They will help the adoption of bitcoin, and soon, all city in Canada will do the same, and if another country does the same thing, then the mass adoption will be happening. I think we need more good news like that so people from another country will know about bitcoin and they can use it too.

[The Cryptovator]

The title is a bit misleading, because it's just about a pretty small town with population less then 40 000 inhabitants, and it is a big question how many people in that city know what is bitcoin.

Title has been updated. It's not very big news but I think at least its positive for bitcoin users. Who know perhaps Canada is trying to experiment how work this system. Doesn't matter how many people's know about bitcoin there,  but once a goverment approved bitcoin officially then obviously more people's will encourage to know about bitcoin. Because it will be very easy to use and low cost. I believe in this way awareness will increase about bitcoin. Do you think same ?

[kryptqnick]

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially.  Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

Well, it's good that one can pay income tax in Bitcoin, but the fact that btc is immediately converted into Canadian dollars means that the government does not really trust it and essentially makes it as if those people actually payed their taxes in fiat. I don't know how it works in Canada, but it my country it would not be easy to pay those taxes even if there was a special app to convert btc to fiat while pyaing them rightaway. The thing is that one first needs to register as a private entrepreneur with certain functions, then one has to declare income for every quarter of the year, go in person to a special office, fill in special forms on activity, income and taxes and only then pay. Honestly, this is what makes me hesitate about registering, even though I get most of my income from online jobs (it's not much of money even for my country, to be fair, but if I could just declare the income, make a brief overview and pay online, I'd most likely do it). It's a nice step forward anyway, but if I'm not mistaken cryptos are really heavily taxed in Canada, unfortunately.

[denzkilim]

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially.  Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

If we gonna talk about cryptocurrency's progress I think it's no use at all. Even if you can now  pay directly through bitcoin, they are still going to convert it to their main currency(which only means that the government is still directly not accepting/supporting bitcoin.)

Note that we can only guarantee that the government is now really supporting this type of currency when they actually do hold the coin(which can be a nation's asset).

Yup you're correct they are using third-party applications to convert Bitcoin payments into fiat just like in my country where you can pay your utility bill using Bitcoin, Ethereum, Ripple, and Bitcoin Cash with a third-party app that converts Bitcoin into our native currency to pay bills, I guess if the government will accept Bitcoin directly there will have a problem because of the volatility of this asset and it is necessary for them to let other companies create a trading application that converts Bitcoin to fiat to pay for government bills.

It looks like it is still impossible for now that governments will accept directly a volatile payment method that fluctuates.

[spadormie]

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially.  Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

That's really a positive news for bitcoin growth around the world. Most of the services accepting bitcoin does the same. This is all because of the volatility that bitcoin has, we need direct acceptance. The present acceptance is through an intermediary, there are several such service renders like coinberry and the most preferred is the bitpay. Also I suggest you to change the thread headline. Bitcoin with bitcoin is not fair.

Not much for a piece of positive news for bitcoin growth worldwide. This news only applies for Canada and it's just a place in Canada. It's only for for Innisfil town. It is just small news and it can't affect the whole world just because the town approves paying its taxes.

[rdbase]

I just heard that Ontario city started the pilot program : https://cointelegraph.com/news/canada-ontario-town-approves-pilot-program-for-paying-property-taxes-with-bitcoin.  Also, this is not a complete acceptance, just like testing.

It does have a larger population and closer to the parliament building in their capital city ottawa. So this should have a profound effect on the political landscape to make it more widely accepted towards the larger demographic of more major cities there.

[maldini]

A good start towards a bitcoin vision, I'm sure this is the beginning of a change where in the future bitcoin will become the king of money markets.
Hold it now, and wait for next year

[akamit]

And to clarify it's only a single town, this would not represent the Canadian Government. They actually have warnings on their site stating they do not accept Cryptocurrency, to warn against scams.

How is it possible that only one town accepting taxes with bitcoin when the rest of Canada isn't?
Why is it like the central government does not control all the towns in regards to accepting taxes?
It seems some towns are independent and they can do whatever they wish to do. Is there any specific reason for this?

[Sharon121212]

With this it's correct to say Canada has accepted the use of bitcoin. Canada is one of the world top economies and them recognising bitcoin as a medium of payment of tax this would really boost bitcoin forward

[Steamtyme]

How is it possible that only one town accepting taxes with bitcoin when the rest of Canada isn't?
Why is it like the central government does not control all the towns in regards to accepting taxes?
It seems some towns are independent and they can do whatever they wish to do. Is there any specific reason for this?

We have a division of powers that spread from the top down. I can't remember the exact breakdown but looked up this site for a breakdown.

Essentially we have Federal or Central. They can not be overridden by any of the lower levels of government.

Next would be Provincial or a State level of Government.

These 2 entities will collect a Federal Income tax , and Goods and Services Tax, and Provincial sales tax. They also take payment for any forms or services.

Then you have town or city government, Municipal. They collect a property tax. Each level can decide what payment methods they want to use, so it's not surprising to see`1 small town take this opportunity. The reason I point that out is I'd hate for someone to google search and see the government accepts payment that way, as this is a prevalent phone scam across Canada using Bitcoin ATM's

Edit: I forgot to add, that if the federal government were to place a ban on crypto the lower levels would have to comply.

[Teawhalee]

This is a great news for bitcoin and this is one of the adoptions that can help to activate other adoption and trigger bull run. This means a lot for bitcoin and cryptocurrency at large. I hope the acceptance is throughout Canada and also  it’s likely  going to cause some positive spike in the market

[magneto]

This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially.

The government isn't accepting bitcoin as a means of settling tax payments.

I think that the main takeaway from the article is that, a third party middleman is used in order to convert the BTC into CAD first, before the government collects the tax payments. It's not as if the government has the payment infrastructure set up in bitcoin and ready to go, at least not at this stage.

In this case, there is zero exchange rate risks for the government receiving the payment, and it's almost the same from their perspective compared to traditional means of payment through fiat. It's most likely just hyped up news that in reality, won't really make any difference.

[darklus123]

Yup you're correct they are using third-party applications to convert Bitcoin payments into fiat just like in my country where you can pay your utility bill using Bitcoin, Ethereum, Ripple, and Bitcoin Cash with a third-party app that converts Bitcoin into our native currency to pay bills, I guess if the government will accept Bitcoin directly there will have a problem because of the volatility of this asset and it is necessary for them to let other companies create a trading application that converts Bitcoin to fiat to pay for government bills.

It looks like it is still impossible for now that governments will accept directly a volatile payment method that fluctuates.

Then there is nothing new with the news. It is just another companies trying to give a little benefits to crypto users. I think it is really possible because if not why there are still companies who actually hold coins and the government can't?

The simple answer still would be it is because they don't fully understood how it works and they are not taking risks. How could you possibly create a law that is beneficial  to the government if they don't understand it in the first place

[rdbase]

This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially.

The government isn't accepting bitcoin as a means of settling tax payments.

I think that the main takeaway from the article is that, a third party middleman is used in order to convert the BTC into CAD first, before the government collects the tax payments. It's not as if the government has the payment infrastructure set up in bitcoin and ready to go, at least not at this stage.

In this case, there is zero exchange rate risks for the government receiving the payment, and it's almost the same from their perspective compared to traditional means of payment through fiat. It's most likely just hyped up news that in reality, won't really make any difference.

Yes you are right. This company coinberry is the money transmitter and taking the payments in crypto and converting into cad for the payments to the government will only take this form of payment. But maybe this is the reason why they are only starting to do this for a smaller municipality first. Kind of like a test pilot project first to see how it goes.
But still in the end there will always be a middleman before cryptocurrency as a whole is 100% accepted as a form of payment to even the governments of the world let alone canada.

[Initscri]

I live close-by and I just saw this on the news today.

The town is actually very tech forward, so I'm happy to see this go through. They've been famously known for being one of the first small towns to implement Uber as a transit system, and I've spoken to many people from the town (including municipal government employees) and they believe it's one of the best things the town has done.

[Bijikopi]

Pretty impressive for the government of Canada manage to adopt bitcoin as a way to pay taxes. Looks like bitcoin is getting a positive response from one of the 1st world country. I hope this is the start of bitcoin getting major adoption this year.

the good thing done by the country of Canada might be an example of another country, maybe if all countries want to emulate Canada to adopt bitcoin for all purchases and sales then in the near future Bitcoin will become the single currency in the world. good things are happening in the world of commerce.

[pooya87]

the most important news is always when we see actual adoption or we see anything that helps that actual adoption. for example this would have been great if the Canadian government has accepted bitcoin as a legal way of payment (as a currency) instead of just allowing it to be used to pay taxes in a small town.
i remember there was some "talk" of the same category in US which has not yet happened.
by the way your title is weird since it says "pay 'bitcoin' with bitcoin"

[loopes]

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially.  Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

It seems that the mayor, staff and council of innisfil is enough forward thinking, innovative and brave. This will give good effect for cryptocurrency economy, canadian citizens and cryptocurrency industry are get significant win. Even a canadian town permits its citizens to pay their personal taxes in bitcoin, I think other countries have to do this as well. Pay tax using bitcoin is very profitable when save small amount of bitcoin then next year the price increase then maybe small amount of Bitcoin that we save in the past is enough to pay our personal taxes.