Gold Coast Mayor Open to Residents Paying Taxes in Bitcoin

The mayor of Australia’s Gold Coast, Tom Tate, has suggested that the municipality may consider the possibility of rates being paid with cryptocurrency in the near future. Residents of Gold Coast Might Pay Local Taxes in Bitcoin As the council prepares to deliver its annual budget on June 14, Gold Coast residents can expect to see a rate rise of at least 4 percent, the highest increase in over a decade. However, Gold Coast Mayor Tom Tate also announced that the council will hire a chief investment officer from the private sector to encourage “innovation” and investigate “joint ventures” on council-owned land. He asked, “Why can’t we pay rates on cryptocurrency if the risk is not high?” Speaking to ABC News about his plans, Mayor Tate said: “It sends a signal that we’re innovative and bring[ing] in the younger generation … [but] I’m not saying we’re doing it, I’m just saying we’re always looking at the next level.” Blockchain Australia welcomed the news, with chairman Adam Poulton saying that crypto was “just another form of money” with an exchange rate linked to the Australian dollar. He further added that with a “little bit of software, some applications, you can accept bitcoin as payment”. “They can choose to receive that bitcoin and hold it themselves, or they can actually exchange that bitcoin into Australian dollars, referencing that exchange rate, and have those Australian dollars turn up in their bank account.” Poulton ...