The mayor of Australia’s Gold Coast, Tom Tate, has suggested that city residents could be paying council rates, or local property tax, in Bitcoin.

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Fast facts

  • “It sends a signal that we’re innovative and bring in the younger generation,” said Tate, acknowledging the plan is still in the research phase.
  • Critics argue Bitcoin is too volatile to be used for purposes such as tax payments, but Tate dismissed the concern, saying “the volatility is not that bad.”
  • Bitcoin has fallen over 56% since its all-time high in November to trade at US$29,951 as of press time.
  • Residents of both El Salvador and the Central African Republic can pay taxes in Bitcoin, where the cryptocurrency is legal tender.
  • The Gold Coast is the second-largest city in the eastern Australian state of Queensland and is a popular holiday destination due to its long beaches and excellent surfing conditions. 

See related article: Byron Bay to host Australia’s largest Bitcoin mining operation — using green energy