Skip to main content

Australian Mayor Considers Crypto Tax Payments

 


Gold Coast Mayor Tom Tate has vowed to allow residents of the Australian city to use cryptocurrency to pay their taxes in the future, although critics warn that the asset class's volatility could thwart such plans.


"Why shouldn't we also accept tax payments in the form of cryptocurrencies when the risk is manageable," Tate asked in an interview with ABC News on June 5 . All the more piquant since the Australian Parliament will pass the budget next week. "The volatility isn't that bad," as Tate notes in this context.


Tate was elected Mayor of Australia's sixth largest city, the Gold Coast, in 2012 and has enjoyed immense popularity, as evidenced by the local politician's re-election in 2016 and 2020. However, the introduction of cryptocurrencies as a means of payment is far from being decided, but for the time being only a serious consideration with a signal effect:


“It sends the signal that we are innovative and thinking about the younger generation. [...] I'm not saying that we will definitely do it, but I want to emphasize that we always think one step ahead."

However, given the current weakness in the crypto market, observers warn that the volatility of the asset class is too great a risk to be used as a true means of payment.


Adam Poulton from Blockchain Australia therefore explains to ABC News that before taking such a step, the government must carefully examine whether and how it is dealing with this risk.


"Of course, what cannot be the goal is that 2,000 Australian dollars in taxes are collected in Bitcoin, which then lose half their value because the Bitcoin price falls," says the expert.


But the Australian mayor is not alone with this idea, more and more cities want to use crypto and central bank digital currencies (CBDCs) as a means of payment in the future, including the Swiss city of Lugano and metropolises such as Buenos Aires and Rio de Janeiro.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
Clash Of Streamers - Earn Crypto while Playing all for Free! - Play smart! 
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more