Aussie Mayor Tom Tate proposes paying taxes in crypto as experts caution that the move can bring further research and risk-measured policies so let’s read more today in our latest cryptocurrency news.
The mayor of gold Coast metropolitan Tom Tate suggested that Australians could pay their council rates or property taxes in crypto:
“Why can’t we pay rates on cryptocurrency if the risk is not high?”
He also noted that the council will recruit a chief investment officer tasked with promoting the innovation and will look into joint ventures that involve the council’s land. According to the reports, Aussie Mayor Tate saw crypto payments as a way to communicate Australia’s innovative virtue and attract young people. He also noted that the council will recruit a chief investment officer for the promotion and innovation in joint ventures involving the council’s land. According to the news reports, Mayor Tate sees crypto payments as a way to communicate the innovative virtue in Australia and will attract young people so as for the currency’s inherent volatility, Tate says it is not that bad.
Paying taxes in crypto became a trending topic among the crypto-supportive politicians in various jurisdictions. Mayor Horacio Rodriguez Larreta from Argentina suggested the same approach in late April and also in March, Rio De Janeiro announced similar plans with the goal to become the first city in Brazil to accept BTC payments for taxes. In the US, the state of Colorado plans to take crypto for tax payments starting this summer and Florida is also looking into a similar scheme while Panama already approved it in April.
In light of the crypto crash, the volatility, and the industry’s scams, financial experts advise approaching such matters with extreme caution. Blockchain Australia chairman, Adam Poulton, believes payments could either halve or multiple depending on the conditions. While Pulton is not against crypto payments, he advised the Australian government to consider a 95:5 payment ratio with the latter being in crypto.
Another expert, Associate Professor Vallipuram Muthukkumarasamy of the Griffith University, said that while the council was open to these developments, crypto is still speculative and urged further research and education in the new technology saying crypto tax payments require confidence building. Australia has taken a measured approach in matters regarding cryptocurrencies and the nation’s biggest bank and Commonwealth suspended the crypto trading pilot program after the crash triggered by Terra’s downfall. Australia intends on developing a crypto taxation policy while the new Prime Minister looks into crypto regulation.
Various businesses in the country started taking crypto payments and a few influential figures also showed their pro-crypto stance. Some of the most notable ones include the country’s Finance Services Minister Jane Hume and ex-Federal Treasurer Josh Frydenberg.
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