• February 27, 2024

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Australian City May Accept Cryptocurrencies for Tax Payments

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Tom Tate, mayor of Gold Coast, a city in Australia, has suggested cryptocurrencies could be accepted as payment for municipal taxes in the future.

To this end, the city council head has ordered a study of the possibility of digital assets coming into the budget. The mayor has said:

“Why can’t we pay taxes in cryptocurrency if the risk is low? Volatility is not a bad thing.”

He has suggested that taxes could be paid in part with cryptocurrency in the coming years. According to him, using digital assets would send an innovative “signal” to young taxpayers.

Blockchain Australia chairman Adam Poulton has suggested that the city council could accept 95% of the bill for payment in Australian dollars and the remaining 5 percent in crypto.