January 15, 2018 by admin

City should consider accepting cryptocurrency for property tax payments: councillor

Toronto: One Toronto city councillor says the city should consider letting residents make payments for things like property taxes using cryptocurrencies.

Cryptocurrencies, such as Bitcoin, could also be used to pay for land transfer taxes, parking violations, and even utilities, Scarborough-Agincourt Coun. Norm Kelly said in a news release issued Monday.

Kelly said plans to ask the city about the new payment option at the next city council meeting on Jan. 31.

“Hundreds of thousands of companies around the world have been accepting cryptocurrency as a form of payment for quite a while now, why shouldn’t governments also take advantage of this?” Kelly said in a written statement accompanying the news release.

“The City of Toronto is a world class city and a leader in technological innovation, so it only makes sense that we be one of the first to look into this potential.”