Bitcoin payments for local taxes in the works, Gold Coast mayor says

The mayor of Australia’s Gold Coast, Tom Tate, has suggested that city residents could be paying council rates, or local property tax, in Bitcoin.

See related article: Aussie watchdog obtains cold wallet holding US$20M in Bitcoin involved with alleged scam

Fast facts

  • “It sends a signal that we’re innovative and bring in the younger generation,” said Tate, acknowledging the plan is still in the research phase.
  • Critics argue Bitcoin is too volatile to be used for purposes such as tax payments, but Tate dismissed the concern, saying “the volatility is not that bad.”
  • Bitcoin has fallen over 56% since its all-time high in November to trade at US$29,951 as of press time.
  • Residents of both El Salvador and the Central African Republic can pay taxes in Bitcoin, where the cryptocurrency is legal tender.
  • The Gold Coast is the second-largest city in the eastern Australian state of Queensland and is a popular holiday destination due to its long beaches and excellent surfing conditions. 

See related article: Byron Bay to host Australia’s largest Bitcoin mining operation — using green energy