Tom Tate, the mayor of the Australian city Gold Coast says the city’s residents may pay council rates or local property tax in Bitcoin in the future. In an interview with Australian news provider ABC News, the Mayor said such a use case serves as a signal that the city is innovative and will draw the attention of the younger people. However, the idea, as announced, is in the stage of research.
Related: Australia Wants Feedback on Crypto Laws
The council is expected to present its yearly budget on June 14. As the release says, Gold Coast may see a rate growth of 4% at a minimum. It would be the biggest growth in 10 years. Tom Tate has also revealed that the council will look to hire a chief investment officer to explore the possibilities.
According to the Mayor, the volatility isn't that bad. He asked why not to pay rates on crypto if the risk isn't high. Tate’s idea wasn’t perceived the same way. Some argue that because of high significant fluctuations, receiving crypto for council rates can be risky. Others say crypto can be used as other forms of money.