The City of Richmond Hill, a municipality in Canada, is in talks to accept Bitcoin (BTC) for property tax payments from residents and businesses, according to an announcement on Monday.
The municipality has entered a partnership with cryptocurrency trading platform and payments processor Coinberry for the initiative. Coinberry is a Toronto-based, FINTRAC-registered, financial technology solutions provider focused on blockchain and digital currency solutions.
This takes place after local council voted in July in favor of entering into this agreement with Coinberry. Once the deal is concluded, over 200,000 residents of the city will see Bitcoin as a payment option on the municipality’s website. Deputy mayor Joe Di Paola is optimistic about the upcoming cryptocurrency implementation as the newer generation is comfortable with digital currencies.
“We believe that the demand for a digital currency payment option is only going to grow in the coming years, especially amongst millennials,” said Joe Di Paola, deputy mayor, Richmond Hill.
This is the second official partnership for Coinberry in less than six months, which highlights a growing interest for the implementation of real world digital currency solutions.
Coinberry already has an agreement with the Town of Innisfil in Ontario to provide its 36,000 residents the option of paying property taxes in Bitcoin, as part of a one-year trial. Andrei Poliakov, Coinberry CEO and Co-Founder stated:
“We are very happy to be entering into a partnership with our second Canadian Municipality […] Leaders of government and enterprise organizations are realizing that, with the right partners, they can innovate with blockchain and digital currencies. We’re pleased to be working on additional innovative solutions with leading enterprise and municipal partners, and have a number of very exciting initiatives we will be announcing over the next several months.”
Besides providing its users with the possibility to buy Bitcoin, Coinberry is driving adoption for digital currencies in practical solutions. Coinberry is currently the only blockchain based cryptocurrency platform to have secured partnerships and provide solutions to two Canadian Municipalities.