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You can pay your property taxes with Bitcoin in certain places if

Residents in a handful of Canadian municipalities have a new payment option for property taxes.The cities of Richmond Hill and Innisfil, both north of Toronto, have become the first in the country to accept cryptocurrency — a digital-based payment system operating without the central oversight of banks or credit card companies — for property tax payments. Other cities, including Toronto, have explored the option, but have yet to implement it.With the option being so new and cryptocurrency still largely unused by most Canadians, Maggie Xu, a 30-year-old cryptocurrency expert at Toronto-based blockchain company Decentral, shared what those thinking of paying for property taxes this way should know.The basicsThere are more than 1,300 cryptocurrencies, including Bitcoin, Ethereum, Litecoin and XRP that all differ in value and transaction speed. One Bitcoin, for example, is currently worth about $13,500 and takes roughly 10 minutes to be sent.Many, including Bank of Canada governor Stephen Poloz, have expressed concerns with cryptocurrencies because they are decentralized, meaning there is no central authority overseeing them. However, five per cent of Canadians still own some form of cryptocurrency, according to a 2017 study from the bank.The purchaseMost Canadian municipalities accepting cryptocurrency only accept Bitcoin for now, but are looking to expand their options, so Xu stresses the need to research what kind of cryptocurrency you can use before buying.To make a purchase, Xu says to register with a credible digital currency platform like Coinberry, Coinsquare or Coinbase, which allows you to buy cryptocurrency through electronic bank transfer, credit card or wire transfer and store it what they call a digital “wallet.” Richmond Hill and Innisfil have both partnered with Coinberry.The cryptocurrency buying process, Xu says, often involves filling out your personal information and providing some identification, which helps the platforms weed out potential money launderers.“When you want to pay for your property taxes, (the city) will have a special address, so you go into your wallet, copy and paste the address and that’s it,” says Xu. “It is pretty simple.”If you’re having trouble, Xu says YouTube is rife with videos demonstrating how to use cryptocurrency and most municipalities accepting it have explainers on their websites.Dealing with fluctuationsThe value of most cryptocurrencies fluctuates like a regular currency, says Xu. Plus, there’s often a delay in processing cryptocurrency transactions because of the large volume of them occurring.It’s important to know that if the value of your cryptocurrency drops between when you made a payment and when your transaction was processed, many municipalities will require you to make up the difference.If you don’t want to deal with fluctuations and your municipality accepts it, Xu says you can look to stablecoins, including Gemini Dollar, Tether and Dai.“If I buy $100 of stablecoin today, they’ll still be $100 next month when I pay my taxes,” Xu explained.TroubleshootingBecause cryptocurrencies don’t have bank oversight, finding someone to help you if something goes wrong can be tricky.Some municipalities offer contacts and online FAQs to help troubleshoot.Xu’s advice is to “go to the company’s support page and either call or email the customer support team with detailed questions.” Tara Deschamps, The Canadian Press read more

Loonie closes at 2month low amid falling commoditiesahead of rate announcement

TORONTO – The Canadian dollar closed at its lowest level since mid-August on Friday amid sharp drops in commodity prices, while traders looked to next week’s Bank of Canada decision on interest rates.The loonie was down 0.85 of a cent to 100.68 cents US as data showed that the central bank doesn’t need to raise rates in response to higher inflation. The inflation rate for September came in at an annualized rate of 1.2 per cent, which was in line with expectations.The bank is widely expected to leave its key interest rate at one per cent Tuesday. But traders will be interested in what the bank will have to say about when it might start upping rates.“Speculation has risen that the statement will omit the reference that ‘some modest withdrawal of the present considerable monetary policy stimulus may become appropriate’, which would shift the bank from hawkish to neutral and weigh on the dollar,” said Scotia Capital chief currency strategist Camilla Sutton.The dollar slid 1.43 cents this past week.Metal prices particularly weighed on the commodity-sensitive currency Friday as December copper lost nine cents to US$3.66 a pound while December bullion backed off $19.40 to US$1,725.30 an ounce.The November contract on the New York Mercantile Exchange lost early gains and moved down 52 cents to US$91.58 a barrel.Markets were unimpressed with an agreement early Friday by the leaders of the 17 euro countries to push ahead with a single banking supervisory body. The leaders remained vague on key details, such as when the supervisor will be up and running.Some investors and analysts worry that Europe’s politicians may have lost the incentive to fix things quickly now that market turmoil has subsided. The borrowing costs of countries like Spain have eased since the European Central Bank unveiled in September a new bond-buying program. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by Malcolm Morrison, The Canadian Press Posted Oct 19, 2012 4:32 pm MDT Loonie closes at 2-month low amid falling commodities,ahead of rate announcement read more