The Ontario town of Innisfil will be the very first city in Canada to accept cryptocurrency bitcoin (Bitcoin) as a payment method for property taxes, Financial Post reports.
This becomes possible thanks to an agreement with crypto-focused company Coinberry Ltd. as a one-year pilot project program.
Coinberry is a fintech company with HQ in Toronto that is focused on blockchain and crypto solutions.
The Mayor of Innisfil, Lynn Dollin, says they are "proud to be first in taking this bold step by offering this new, exciting payment option" to Innisfil’s citizens.
"There’s no doubt that cryptocurrency is growing in usage and popularity," she added.
The crypto-related project should be ready by April this year.
Earlier this month, the Canadian Revenue Agency (CRA) announced it will be investigating investors who had invested in cryptocurrencies such as bitcoin.
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