On June 6, the mayor of Australia’s Gold Coast proposed allowing locals to pay their property taxes in bitcoin. It would send a positive signal to younger ratepayers, according to Mayor Tom Tate.
This year, rates in the Gold Coast region jumped by 4%, the largest increase in ten years. Mayor Tate wants to attract younger residents and believes that cryptocurrency will send a message to this group.
Mayor Tom Tate stated:
“If the danger is low, why can’t we pay rates in cryptocurrency? The volatility isn’t as bad as it appears. It conveys a message that we’re forward-thinking, and it attracts the younger generation… [but] I’m not saying we’re doing it; rather, we’re always looking for ways to improve.”
Others are less excited about the shift, with one professor stating that more research is needed before it can be implemented. Before proceeding with the decision, a member of a national blockchain group stated that the council would need to examine its risk appetite. He mentioned that the market was volatile, and that this would affect the funds.
The municipality could alternatively accept 95% of a rate bill in Australian dollars and the remaining 5% in bitcoin, according to Adam Poulton, chairman of Blockchain Australia.
The Gold Coast isn’t the only place exploring accepting bitcoin or other cryptocurrencies as payment for municipal property taxes. A mayor in Tennessee is considering allowing bitcoin to be used for property tax payments, which is a symptom of the currency’s growing popularity.
Do you think you will ever be able to pay your property taxes in crypto in India?
Read more: Chongqing citizens can now pay taxes in Digital Yuan