[2019-04-06]Canada Accepts Payments Using Bitcoin & Other Cryptos

[Vladdirescu87]

A recent voting exercise that took place in the town of Innisfil, Canada, resulted into the beginning of a pilot project which allows paying taxes for property using cryptocurrencies such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin and others, and this will work for around 12 months.

The trading platform was the first in the country to launch zero percent (0%) financing, overhead and payout fees. According to Lynn Dollin, Mayor of Innisfil city, they had to come out with this decision because of the increasing growth, popularity and adoption of digital currencies and blockchain technology.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/canada-accepts-bitcoin/

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[Theb]

According to Lynn Dollin, Mayor of Innisfil city, they had to come out with this decision because of the increasing growth, popularity and adoption of digital currencies and blockchain technology.

The headline of the article made it look like the whole country of Canada accepted crypto payments in their taxes yet the truth is its only a unknown municipal city in Canada who implemented it. Just by searching in Google you will see that Innisfil city isn't a dense city which is only home for around 36,000 people that I doubt even a quarter of it knows what a cryptocurrency is. For me this is only just a political ploy that doesn't really change anything in their city, I'll be more understanding if one of the cities like Toronto or Vancouver have implemented this.

[odolvlobo]

According to Lynn Dollin, Mayor of Innisfil city, they had to come out with this decision because of the increasing growth, popularity and adoption of digital currencies and blockchain technology.

The headline of the article made it look like the whole country of Canada accepted crypto payments in their taxes yet the truth is its only a unknown municipal city in Canada who implemented it. Just by searching in Google you will see that Innisfil city isn't a dense city which is only home for around 36,000 people that I doubt even a quarter of it knows what a cryptocurrency is. For me this is only just a political ploy that doesn't really change anything in their city, I'll be more understanding if one of the cities like Toronto or Vancouver have implemented this.

Yes, it is the usual CoinIdol clickbait.

[hugeblack]

I want to quote a quote from another source, this article mentions the reason for this acceptance:

Due to this partnership, residents pays their property taxes to Coinberry Pay in Bitcoin, and the corporate will convert it into Canadian {dollars} and ahead them to the city.

So they want their people to pay taxes by any means as long as they can be converted into Canadian dollars, it's like saying that I accept the Venezuelan currency as long as I can convert it to my local currency.

This acceptance is meaningless.

[BitHodler]

This acceptance is meaningless.

It depends. If paying your taxes in Bitcoin isn't a taxable event on its own, then paying taxes in Bitcoin after a solid increase suddenly becomes so much more of an interesting option to traders and investors.

Overall, this is also part of adoption, so even though it only concerns a smaller city in this case, it's still a good thing in my book. People here became so spoiled that they dislike anything that doesn't fit in their picture perfect narrative.

As long as Bitcoin's price is so volatile people shouldn't be surprised that merchants and local governments use third party payment gateways to have every incoming Bitcoin transaction be converted to fiat.