Tom Tate, the Mayor of Gold Coast, Australia, has suggested that cryptocurrency could be used by residents to pay local taxes in future years, though critics have flagged volatility and the recent market crash as a cause for concern.
"Why can't we pay rates on cryptocurrency if the risk is not high?" said Tate, speaking to local media outlet ABC News on June 5, just over a week before the council is due to hand down its annual budget. "The volatility is not that bad.”
Tate was elected as Mayor of the Gold Coast, Australia’s sixth-largest city in 2012, and has proven a popular choice since then, as he was re-elected for a second term in 2016 and a third term in 2020. He added that the move hasn't been confirmed but they were looking ahead.
"It sends a signal that we're innovative and bring 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.”
However, critics have argued that the price volatility of...
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