Property taxes, which are arguably one of the most common taxes found in Canada, have found their way in the blockchain world thanks to a local crypto payment solutions provider, Coinberry.
The company has struck a partnership with the municipality of Richmond Hill, guaranteeing the implementation of crypto payments for property tax in the city.
Coinberry will simply act as a liquidity provider for crypto holders in Canada, as property owners can pay the company with cryptos, which Coinberry will convert into local fiat and pay the government.
For many, this partnership showcases nothing but further centralization efforts from the local government, while for others, it is a major step towards crypto adoption in Canada.
The reason why many crypto investors oppose this news is due to natural aversion towards crypto taxation. Naturally, by paying something as centralized as property tax, crypto holders are exposing themselves to even more taxes on their crypto holdings.
The sentiment first started with the nation’s large volume of wagering enthusiasts. The Bitcoin online casino games in Canada have slowly become a liquidity source for most crypto holders, as they can simply deposit on the platforms and later withdraw through third-party payment providers such as Skrill or Neteller.
However, the good news for these types of investors is that the crypto payments will be completely optional. Only those who are voluntarily willing to make the payments will do so, the government is not forcing anybody.
In fact, the government has mentioned that the popularity of cryptocurrencies has grown to unimaginable proportions, prompting Millenials to simply hold onto their assets due to limited liquidity sources. Giving them the opportunity to perform their citizen’s duty on their own terms was one of the best win-win situations to go for.
Giorgi is a news reporter and financial analyst at www.forexnewsnow.com He has 3 years of experience in analyzing the financial markets of Forex and cryptocurrencies. He also likes making hidden jokes in his articles.