The City of Toronto may be adding cryptocurrency as a form of payment in the near future.
According to a report heading to the Executive Committee next week, City Council is requesting staff to review the possibility of using cryptocurrency as a form of payment for municipal property taxes, utilities, parking violations and Municipal Land Transfer taxes, as well as a payment system by the City.
With various cryptocurrencies out there, the report states that more businesses are utilizing these currencies.
“Associated with these currencies is blockchain technology that holds out the potential to revolutionize the administration of both business and government,” reads the report. “The banks and the provincial and federal governments are all investing in developing an expertise in these fields.”
The report, a Member Motion from Councillor Norman Kelly, also says that Toronto is a leader in exploring opportunities for change.
“The leading authority in these fields is a Toronto-based institute which believes that this second technological revolution will be seeking a location in which to grow and believes that Toronto could become that place,” it says.