Bitcoin More Efficient for Paying Taxes than Bank Cards, Says Exchange
Adrian Zmudzinski's original article for cointelegraph.com reduced by 52%
Evan Kuhn, the co-founder of Toronto-based cryptocurrency exchange Coinberry, has claimed Bitcoin is more efficient for paying taxes than bank cards. "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. 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.
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CN [too long; didn’t read]
Summarised crypto news.