fbpx

Bitcoin Payments 6x Cheaper for Municipalities, Says Canadian Exchange


0

Evan Kuhn, Toronto-based cryptocurrency exchange Coinberry’s co-founder, stated that accepting Bitcoin (BTC) for taxes is more efficient than using bank card payments.

As real estate news outlet Mansion Global reported on Aug. 22, Kuhn claims that his company takes much lower fees than the ones that card institutions impose on their clients, noting:

“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. Therefore, the intermediary accepts the cryptocurrency and instantly converts it to Canadian dollars. It then transfers the funds to the municipalities.

Bitcoin tax payments in Toronto

Richmond Hill, located near Toronto, began accepting Bitcoin for property tax in July, less than six months after Innisfil allowed its residents to pay the same kind of tax with cryptocurrencies.

Moreover, according to the outlet, in Jan. 2018 Toronto Councillor Norm Kelly suggested that the city should think about accepting such payments for taxes. Still, while the possibility has been considered, the proposal did not go through. Communications adviser for the city of Toronto Ashley Hammill is quoted by the outlet:

“In order for it to be considered again in the future, another motion would need to be put forward by a council member.”

Source : https://cointelegraph.com/


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
cointelegraph

Hero

avatar
200
Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
Open List
Submit your own item and vote up for the best submission
Image
Photo or GIF
Gif
GIF format
Ranked List
Upvote or downvote to decide the best list item
Audio
Soundcloud or Mixcloud Embeds
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Meme
Upload your own images to make custom memes