Gold Coast mayor moots paying tax in crypto

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Updated September 21, 2022 | Published June 7, 2022

2 mins read

Gold Coast mayor Tom Tate is keen to give more power to cryptocurrency consumers, despite reports that Australians are falling victim to various crypto-related scams at an increased rate.

The Australian mayor seems to believe that all cryptocurrency enthusiasts need to do right now is to keep calm and carry on.

Tate wants residents to be able to pay their local taxes using an approved cryptocurrency token, which he seems to predict will happen in the foreseeable future.

But other similar experiments such the MiamiCoin may pour cold water on the mayor’s ambitions.

“Why can't we pay rates on cryptocurrency if the risk is not high”, Tate asked rhetorically during an interview with ABC News, a local media outlet earlier this week.

He is also willing to downplay the risk of volatility, and argued that it’s not that bad. In the past 48 hours Bitcoin (BTC) has see-sawed in the vicinity of $30,000 and $33,000.

Tate sees the benefits of being a staunch supporter of cryptocurrencies. Adopting them would send a clear sign to younger generations that the city – Australia’s six largest – as a place where innovators dwell and help improve the economy. But others have more sobering opinions.

Even Blockchain Australia’s Adam Poulton remains skeptical of Tate’s idea. Speaking to the same outlet, he said that the city should not be collecting tax in BTC, for example, only to find out that its value has halved while they were moving it around.

Besides, cryptocurrencies are still exposed to risks of hacking and a strong infrastructure would be needed to protect digital currencies form successful hacking. Even the world’s most reliable exchanges have fallen.

In the meantime, you can use your cryptocurrency at places such as 1xBit, FortuneJack or Bitcasino.io.

Alex

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

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