{"id":241474,"date":"2022-06-07T02:50:16","date_gmt":"2022-06-07T01:50:16","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=241474"},"modified":"2022-06-07T03:33:41","modified_gmt":"2022-06-07T02:33:41","slug":"australian-mayor-suggests-crypto-as-tax-payment-option","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/australian-mayor-suggests-crypto-as-tax-payment-option\/","title":{"rendered":"Australian mayor suggests crypto as tax payment option"},"content":{"rendered":"<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Gold Coast Mayor Tom Tate has said residents could pay taxes and rates with cryptocurrency in the future, even as critics and experts point to volatility as a major concern, <\/span><a href=\"https:\/\/www.abc.net.au\/news\/2022-06-05\/cryptocurrency-council-rates-gold-coast-tom-tate\/101119696\"><span style=\"font-weight: 400;\">ABC News<\/span><\/a><span style=\"font-weight: 400;\"> reported.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tate reportedly said, &#8220;Why can't we pay rates on cryptocurrency if the risk is not high?&#8221; The council plans to submit its annual budget in the next few days, and residents can expect at least a 4% rise in rates.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">He also clarified that this is not a done deal, but something the council considers saying the industry's volatile nature is not an issue.<\/span><\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong>&#8220;It sends a signal that we're innovative and bring in the younger generation &#8230; [but] I'm not saying we're doing it, I'm just saying we're always looking at the next level.&#8221;<\/strong><\/p>\n<\/blockquote>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Mr. Tate became Gold Coast mayor in 2012 and is currently serving his third term in office.\u00a0<\/span><\/p>\n<h2>Experts believe market volatility will impede adoption<\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">With the crypto market losing about $2 trillion from its market cap in 6 months, experts believe now might not be the best time to adopt crypto for tax payments.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">According to the chair of Blockchain <\/span><strong><a href=\"https:\/\/cryptoslate.com\/australia-eyes-sweeping-new-crypto-regulations\/\">Australia<\/a><\/strong><span style=\"font-weight: 400;\">, Adam Poulton, the council will need to examine its risk appetite. He added that while the value of <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> could rise, there is also the possibility of it falling.<br \/>\n<\/span><\/p>\n<p>In his words,<\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong>&#8220;The last thing they'd want to do is accept $2,000 worth of rates, hold it in Bitcoin and for the Bitcoin price to halve. The other risk is the Bitcoin could go up in value, and they'll actually have three or four thousand dollars.&#8221;<\/strong><\/p>\n<\/blockquote>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Poulton advised that the council could accept 95% of its rate bill in fiat and the remaining 5% in cryptocurrency. <\/span><\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong>&#8220;We're happy to risk that other five percent and actually hold that and see what future use cases could be used with it.&#8221;<\/strong><\/p>\n<\/blockquote>\n<p>The mayor also said the city plans to hire a chief investment officer to encourage innovation and identify joint ventures for the council.<\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Several cities are now turning to digital assets for investments and paying taxes. According to <a href=\"https:\/\/www.cq.gov.cn\/zwgk\/zfxxgkml\/lwlb\/cqzxd\/zzdt\/202206\/t20220602_10772178.html\">reports<\/a>, residents from three prominent Chinese cities now use digital yuan for taxes, social security premiums, and stamp duties.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold Coast Mayor Tom Tate has said residents could pay taxes and rates with cryptocurrency in the future, even as critics and experts point to volatility as a major concern, ABC News reported. Tate reportedly said, &#8220;Why can&#8217;t we pay rates on cryptocurrency if the risk is not high?&#8221; The council plans to submit its [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":241644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,60208,5790],"tags":[74060,76904],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australian mayor suggests crypto as tax payment option<\/title>\n<meta name=\"description\" content=\"Australian experts believe that the volatile nature of cryptocurrencies could impede its adoption for tax payments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/australian-mayor-suggests-crypto-as-tax-payment-option\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian mayor suggests crypto as tax payment option\" \/>\n<meta property=\"og:description\" content=\"Australian experts believe that the volatile nature of cryptocurrencies could impede its adoption for tax payments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/australian-mayor-suggests-crypto-as-tax-payment-option\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-07T01:50:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-07T02:33:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/tom-tate-crypto-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/australian-mayor-suggests-crypto-as-tax-payment-option\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/australian-mayor-suggests-crypto-as-tax-payment-option\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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