A Canadian town mayor says using bitcoin to pay for property taxes has made transaction costs much cheaper.
“The advantage of doing it as opposed to [using] a credit card is the transaction costs are so much cheaper,” Mayor Lynn Dollin of Innisfil, Ontario told Day 6.
Innisfil is the first town in Canada to allow residents to use bitcoin to pay their property taxes. It’s part of a one-year pilot program the town entered into with Coinberry Pay, a Toronto-based cryptocurrency company.
Mayor Wants Ontario Town To Be a Tech Hub
The program officially launches this week. Mayor Dollin is embracing the crypto project because she wants to woo entrepreneurs to her lakeshore town of 36,000 people to elevate it has a tech hub one day.
“It could attract us some opportunities as far as economic development within our community.”
Innisfil is the first town in Canada to accept bitcoin for property taxes. (screenshot/Innisfil.ca)
Dollin says she’s aware that bitcoin has been roiled by scandals because it’s a nascent, unregulated industry, but says she’s being cautious.