Cointelegraph Team
Cointelegraph
Evan Kuhn, the co-founder of Toronto-based cryptocurrency exchange Coinberry, has claimed Bitcoin (BTC) is more efficient for paying taxes than bank cards.
As real estate news outlet Mansion Global reported on Aug. 22, Kuhn said his company takes much lower fees than the ones that card institutions impose on their clients, adding:
“A credit card company charges a 3% fee. [...] Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
Bitcoin transaction fees six times lower than credit cards
Coinberry acts as an intermediary because local municipalities are not authorized to hold or accept cryptocurrencies due to their volatility. The company accepts the cryptocurrency, instantly converts it to Canadian dollars, and then transfers the funds to the municipalities.
Bitcoin tax payments in Toronto
Richmond Hill, a city near Toronto, began accepting Bitcoin for property tax in July — less than six months after Innisfil allowed its residents launched a similar initiative on a trial basis.
According to Mansion Global, then Toronto councillor Norm Kelly suggested that the city should think about accepting such payments for taxes in Jan. 2018. While the possibility was considered, the proposal has not come to fruition. Toronto communications adviser Ashley Hammill was quoted as saying:
“In order for it to be considered again in the future, another motion would need to be put forward by a council member.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
PolitiFi meme coins surge as market anticipates Trump and Musk interview
PolitIFi meme coins, themed after Republican nominee Donald Trump experienced gains on Tuesday following a series of events around the upcoming presidential race, including an interview with Tesla and SpaceX CEO Elon Musk slated for August 12.
BlackRock files to add options to ETH ETF as Ethereum bulls ride the dip with heavy buying pressure
Ethereum (ETH) is up 2% on Tuesday as BlackRock files to add options to its iShares Ethereum Trust (ETHA). Meanwhile, traditional and crypto-native investors have been scooping up ETH after the dip from Black Monday's sell-off.
Bitcoin traders should watch these metrics after the market dump on Black Monday
Bitcoin (BTC) is up nearly 4% on Tuesday after recovering quickly from Black Monday's crash. As the market attempts a recovery, a few key metrics and indicators explored in this article could prove crucial in the coming weeks.
Ronin network recovers funds following white-hat hack
The Ronin network team alerted the public on Tuesday of a pause to its bridge resulting from an upgrade breach. The team identified the breach as a white-hat hack that extracted $12 million in ETH and USDC from its platform. While the funds are being returned, RON has risen by 3% following the announcement.
Bitcoin: Can BTC rebound from the recent market challenge?
Bitcoin’s (BTC) price failed to close above $70,000 at the beginning of the week and dropped to $64,000 by Friday. Mt. Gox continues moving Bitcoin to exchanges for repayments to creditors while the Federal Open Market Committee (FOMC) decided to hold US interest rates steady.