Gold Coast Mayor Tom Tait said residents could pay taxes and fees in cryptocurrencies in the future, despite critics and experts pointing out volatility as a major concern. rice field, ABC News report.
Tate reportedly said, “Why can’t I pay for cryptocurrencies when the risk isn’t high?” Congress plans to submit an annual budget within a few days, and residents can expect a rate increase of at least 4%.
He also revealed that the council believes that the unstable nature of the industry is not a problem, although this is not a completed transaction.
“It signals that we are innovative and bring a younger generation … [but] I’m not saying we’re doing it, we’re just saying we’re always looking at the next level. “
Mr. Tate was appointed Mayor of the Gold Coast in 2012 and is currently serving his third term.
Experts believe that market volatility hinders recruitment
The crypto market has lost about $ 2 trillion in market capitalization in six months, and experts believe that this may not be the best time to adopt crypto for tax payments.
According to the blockchain chair Australia, Adam Paulton, the council needs to investigate its risk appetite. He added that while the value of Bitcoin can go up, it can go down.
In his words
“The last thing they want to do is accept a $ 2,000 worth of rate, keep it in Bitcoin and halve the price of Bitcoin. Another risk is that Bitcoin could be worth more. In fact, it’s worth $ 3,000 to $ 4,000. “
Paulton advised that the council could accept 95% of fiat money in fiat money and the remaining 5% in cryptocurrency.
“I’m happy to be able to put the other 5% at risk and actually hold it to see what use cases we can use in the future.”
The mayor also said the city will hire a chief investment officer to promote innovation and identify council joint ventures.
Currently, some cities are looking to digital assets for investment and tax payments.according to ReportCurrently, residents of three prominent cities in China are using digital yuan for taxes, social insurance premiums and stamp duty.
