RATE Group | Bitcoin More Efficient for Paying Taxes than Bank Cards, Says Exchange
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Bitcoin More Efficient for Paying Taxes than Bank Cards, Says Exchange

23 Aug Bitcoin More Efficient for Paying Taxes than Bank Cards, Says Exchange

Posted at 07:33h in Bitcoin News by

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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 launched a similar initiative a similar…

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