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.
See related article: Aussie watchdog obtains cold wallet holding US$20M in Bitcoin involved with alleged scam
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
