Australian City May Allow Residents to Pay Taxes with Cryptos
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7 June

Tom Tate, mayor of the Australian city of Gold Coast, has opened up the possibility that in the future residents could pay their taxes in digital assets, ABC News has reported.

He has said:

"Why can't we pay rates on cryptocurrency if the risk is not high? It sends a signal that we're innovative and bring in the younger generation... I'm not saying we're doing it, I'm just saying we're always looking at the next level."

The mayor has announced the council intends to hire a chief investment officer to "encourage innovation."

The statements have come shortly before the approval of the budget of the sixth largest city in Australia, which has 679,000 inhabitants.

Tom Tate was nominated back in 2020 for a third term as mayor of the city.

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Adam Poulton of Blockchain Australia has stressed the council should look at risk appetite before deciding whether to accept cryptocurrencies as payment. He has explained:

"The last thing they'd want to do is accept $2,000 worth of rates, hold it in Bitcoin and for the Bitcoin price to halve."

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