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- Australia’s Gold Coast Mayor takes a step towards crypto tax as he plans Bitcoin payments for local taxes.
- Despite the criticisms raised by some folks on Bitcoin (BTC) volatility, the Mayor seems to be quite optimistic about its potential.
- The flagship crypto asset is currently trading at $31,411 and is up by around 4% in the last twenty-four hours.
A Move Towards Crypto Tax
Tom Tate, the Mayor of Australia’s Gold Coast has recently highlighted that the city residents could be paying council rates or the local property taxes through Bitcoin (BTC).
Tate highlighted that the plan is still in the research phase. And that it sends a signal that they are innovative and bring in the younger generation.
Although the Bitcoin critics do argue that the crowned cryptocurrency is too volatile to be utilized for purposes like payments, the Mayor thinks that the volatility is not that bad and dismisses the concerns.
Earlier last year. El Salvador became the first nation to adopt Bitcoin (BTC) as a legal tender. The residents of El Salvador and the Central African Republic can pay taxes through Bitcoin (BTC) as it is a legal tender there.
The Gold Coast is the second-largest city in the eastern Australian state of Queensland and is highly popular as a holiday destination because it has long beaches and excellent surfing conditions.
Bitcoin along with the overall crypto space has witnessed quite a massive price fluctuation due to the bearish trends of late. Earlier it was a bit of consolidation between a price range of $29,000 to around $30,000.
At the time of writing, the flagship crypto asset is trading at $31,411 with a market cap of $598,681,120,133 and is up by around 4% in the last twenty-four hours.
This step by the Gold Coast’s Mayor toward crypto tax is an indication that Bitcoin (BTC) is growing by leaps and bounds and has made a significant position in the overall financial world. Let’s see how the crypto market would perform in the coming months.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
