Australian mayor recommends payments for taxes in Bitcoin
Categories: Bitcoin US
The mayor of Australias Gold Coast, Tom Tate, has suggested that city residents may be paying council rates or a local property tax in Bitcoin. Critics have flagged concerns that the price volatility of cryptocurrencies could lead to wild fluctuations in local council revenue. Gold coast to welcome Bitcoin tax payments Mayor Tom Tate has said the Gold Coast City Council is open to considering Bitcoin as a payment option for rates and other council services. The move comes as the city looks to embrace new technologies.Blockchain Australia welcomed the development, with chairman Adam Poulton remarking that crypto is “just another form of money” and has an exchange rate that is linked to the Australian dollar. He went on to say that with “a little bit of software, some applications, you can accept bitcoin as payment” Bitcoin payments increase as demand surges As the popularity of Bitcoin grows, so does the number of businesses and organizations who are willing to accept cryptocurrency as payment. The Gold Coast City Council’s decision follows a 56% drop in the value of Bitcoin since its all-time high in November and now it is trading at US$29,951.In a move that could see Australia become a world leader in cryptocurrency adoption, residents of both El Salvador and the Central African Republic can pay taxes in Bitcoin, where the cryptocurrency is legal tender. Experts worried about the effects of volatility After becoming the mayor of Australia’s largest metropolis, Tate has been dubbed a man of the people. He succeeded in taking back the office in 2016 and 2020, winning by a large margin. However, despite the fact that nothing is set in stone, things are looking up.Tate observed that taking this path would indicate an intention to include the following generation, who are familiar with technologies like these, in the fight. However, there are significant worries about how volatility may affect a payment system based on cryptocurrency.