The City of Richmond Hill is negotiating with the digital currency platform Coinberry to provide a payment processing solution for residents and businesses who wish to pay their property taxes in Bitcoin.
According to Perrelli, the demand for the service by residents wasn’t overwhelming, but there were some people that were curious about it.“The underlying considerations for the City of Richmond Hill is, was there any risk to us and was there any cost to us?” Perrelli said. “From our perspective, there’s no risk, there’s no cost, and all we’re doing is providing an extra level of service.”“Whatever the currency is, we’re not concerned about how it fluctuates.
WATCH: Tips to avoid bitcoin scams According to Dollin, when a resident pays for property taxes with Bitcoin, it’s transferred through Coinberry into Canadian currency and put into the Town of Innisfil’s bank accounts. “It could be a cryptocurrency, but it would be…a stable coin,” Park said. “A stable coin means essentially it is something which is the same thing as the Canadian dollar, except that it lives on the blockchain.”According to Dollin, it takes a little less than an hour for the cryptocurrency payment to transfer into Canadian currency.
Source: Digital Coin News (digitalcoinnews.net)
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