Although we’d love to see it happen in a single day, cryptocurrency mass adoption takes time. Two new examples show that it is indeed inching towards being generally accepted. The Ontario town of Innisfil has announced that they will be accepting cryptocurrencies, Bitcoin first, for property taxes payments during a trial that will last a year. Meanwhile, Sweden-based crypto gift card provider Bitrefill now lets you book AirBnB rentals in the US using five different cryptocurrencies.
Innisfil residents will be able to pay taxes with Bitcoin through a wallet called Coinberry Pay. The funds, sent in Bitcoin, will then be converted to the Canadian dollar and transferred to the town. Ethereum, Litecoin, Bitcoin Cash, and XRP may follow, according to national news agency The Canadian Press. The trial period for this payment option will last a year, starting in April.
Innisfil, which is a home for 36,000 people, is far from the first jurisdiction to implement such a solution. The US state of Ohio accepts tax payments in Bitcoin as of November 2018 for companies, and hopes to allow individuals to do so as well “eventually.” Other places that accept tax in crypto include Zug and Chiasso, two Swiss municipalities, and South Africa, all with varying amounts of success. However, it seems that paying taxes in crypto is not popular at this stage.
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