Canadian town mayor Lynn Dollin claims that paying property taxes with Bitcoin can cut down on costs as compared to credit cards, according to CCN. This is because transaction costs are reportedly cheaper than those generated when using a credit card. Mayor Dollin leads Innisfil, Ontario to become the first Canadian town to partner up with a cryptocurrency company. Innisfil has enabled paying property taxes through the program being implemented by the town for one year in cooperation with Toronto-based company Coinberry Pay.
This comes after Mayor Dollin announced her intention to make Innisful a technological center in the future. Moreover, this aims to attract tech companies to come to their town for investments and other economic opportunities. This effort will make the town more accessible for tech-related businesses, especially those that deal with crypto and blockchain technologies. This will also open up more employment, business and investment opportunities.
While there are concerns about the security and safety of taxpayers’ dollars, Dollin assures residents that her government is taking precautions to eliminate risks. The mayor also asserts the fact that her leadership has been known to ‘try new things’ and that she is being cautious in this new development.
Meanwhile, reports show that this transition from traditional payment methods to crypto has been ‘slow.’ Zap Lighting Network founder Jack Mallers says that there is a reluctance caused by the negative view of the public. According to him, this ‘serious mental barrier’ must be torn down and this can be done by having regulations. A statement by Dollin agrees with this as recognizes that concerns regarding crypto are due to issues brought by the sector being unregulated.
Innisfil is just one of the many cities and municipalities across the globe which have joint forces with fintech companies to make crypto transactions more accessible.