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Australia suggests accepting taxes in cryptocurrency

Australia suggests accepting taxes in cryptocurrency

Digital assets can be used to replenish local budgets, despite the crypto market drop of more than 50% in the last six months.

According to ABC News, the mayor of Gold Coast, Tom Tate, assigned the investigation of the possibility of collecting digital assets in the budget to pay municipal taxes.

"Why can't we pay rates on cryptocurrency if the risk is not high?" he said.

Tom Tate suggested that it will be possible to partially pay taxes with cryptocurrency in the coming years. In his opinion, the use of digital assets will give an innovative "message" to young taxpayers.

Blockchain Australia chairman Adam Poulton said that the city council might accept 95% of the bill for payment in Australian dollars and the remaining 5% in cryptocurrency. 

"We're happy to risk that other five percent and actually hold that and see what future use cases could be used with it," he said.

He believes the behind-the-scenes technology offers "many opportunities," but the main problem with its development is the difficulty of introducing it into bureaucratic institutions, such as local governments.

It is already possible to pay taxes in bitcoins in El Salvador and the Central African Republic, where cryptocurrency is considered to be legal payment means.

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