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‘Volatility Isn’t That Bad’: Mayor Suggests Paying Rates With Cryptocurrency Despite $2 Trillion Market Crash

Gold Coast Mayor Tom Tate has suggested rates could be paid with cryptocurrency for years to come, despite the collapse of the $2 trillion market – more than half of its total value – in course of the last six months.

As the council prepares to deliver its annual budget on June 14, Gold Coast residents can expect to see a rate hike of at least 4% — the largest increase in 10 years.

But Mr Tate also announced that the council will seek to hire a private sector investment manager to encourage ‘innovation’ and investigate ‘joint ventures’ on council-owned land.

“Why can’t we pay rates on cryptocurrency if the risk isn’t high?” he said.

“It sends a signal that we are innovative and that we are attracting the younger generation… [but] I’m not saying we do, I’m just saying we’re always looking to take it to the next level.”

While a national blockchain industry group welcomed the prospect, a cryptocurrency researcher urged more caution.

The Council needs a “risk appetite”

The underlying idea of ​​cryptocurrency is that it creates a payment method that cuts out middlemenlike a bank.

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