Australian City Mayor Recommends Paying Taxes With Bitcoin

The mayor of the Australian city of the Gold Coast, Tom TATE, said that residents of the city can pay council rates and local property taxes with bitcoin. Critics have raised concerns that the price volatility of cryptocurrencies could lead to wild fluctuations in the income of the local municipal council.

Taxes can be partially paid with cryptocurrency in the coming years, Tom Tate said and instructed to study the possibility of digital assets coming to the budget. In his opinion, the use of digital assets will send an innovative “signal” to young taxpayers.

According to Blockchain Australia chairman Adam POULTON, the city council could accept 95% of the bill in Australian dollars and the remaining 5% in crypto. The chairman also noted that the underlying technology offers many opportunities, but the main challenge for its development is the difficulty of being implemented in bureaucratic organizations such as local governments.

Image: ABC