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Tom Tate offers payment in bitcoins (BTC) to its constituents

Tom Tate, the mayor of the Gold Coast, Australia, wants to offer the payment of taxes in bitcoins (BTC) to his constituents. Tom Tate said it would send a positive signal to young taxpayers.

In the Gold Coast region, taxes have risen by 4% this year, the biggest increase in 10 years. The mayor Tom Tate wants to attract young citizens and claims that cryptocurrencies would send a signal to this population.

Why can’t we pay taxes in cryptocurrency if the risk is not high? Volatility isn’t that bad. This sends the signal that we are innovative and appeal to the younger generation… [mais] i’m not saying we are, i’m just saying we’re always looking to get to the next level “, did he declare.

Payment of taxes in bitcoins (BTC): a mixed reception

Not everyone is so excited about such a change. With bitcoin (BTC) having plummeted in 6 months, experts believe that now may not be the best time to embrace crypto for paying taxes.

Adam Poultonchairman of Blockchain Australia, said the council could start by accepting 95% in Australian dollars and 5% in cryptocurrencies.

pay bitcoin taxes

Bitcoin (BTC) and elected officials of a new kind: crypto-mayors

The Gold Coast is not the only jurisdiction considering allowing tax payment in bitcoin (BTC) or other cryptocurrencies, or even offering it already.

Scott Conger, the mayor of Jackson, a city of 68,000 inhabitants located in Tennessee, halfway between Nashville and Memphis (USA) is one of them. He promised to give city workers the option of converting their salaries into bitcoin (BTC) and offered to set up a mining network in a deserted wing of city hall. The goal, he explains, is to make Jackson a technology hub in the American Southeast.

The new mayor of New York, Eric Adamswho took office at the start of the year, received his first salary in bitcoins. Francis Suarezthe mayor of Miami, is the headliner of conferences on virtual currencies.

Today, incorporating cryptocurrencies into municipal management is not the prerogative of large cities. Crypto mayors are courting start-ups and adopting innovative new technologies, such as NFTs (non-fungible tokens), to raise funds to fund public projects.

Payment of taxes in bitcoins (BTC) is already possible in Switzerland in the cities of Lugano, Zug and Zermatt. It will soon be in Buenos Aires: Horacio Rodriguez Larreta, indicated at a conference on April 25, 2022, that the city will accept tax payments in cryptocurrencies. Colorado Governor Jared Polis announced in February that the state government would allow residents to pay their taxes in cryptocurrency starting in the summer of 2022. Rio de Janeiro Mayor Eduardo Paes is a crypto enthusiast who regularly demonstrates interest in Bitcoin (BTC). Its citizens will be able to pay in bitcoins by 2023.


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Source: Cointribune

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