• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Australian Mayor Proposes Paying Taxes in Cryptocurrency

June 7, 2022
in Crypto News
Reading Time: 2 mins read
A A
0
Australian Mayor Proposes Paying Taxes in Cryptocurrency
0
SHARES
9
VIEWS
ShareShareShareShareShare

Tom Tate, the Mayor of Gold Coast metropolitan, has suggested that Australians could pay their council rates, otherwise known as local property taxes, in cryptocurrency.

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

He also noted that the council will recruit a chief investment officer tasked with promoting “innovation,” and looking into “joint ventures” involving the council’s land.

Australia Cryptocurrency Tax Payments and Global Perception

According to a local news report, Mayor Tate sees crypto payments as a way to communicate Australia’s innovative virtue, effectively attracting young people. As for cryptocurrency’s inherent volatility, Tate says it’s “not that bad.”

Moreover, paying taxes in crypto has become a trending topic among pro-crypto politicians in various jurisdictions.

Mayor Horacio Rodríguez Larreta of Buenos Aires, Argentina, suggested the same approach in late April. In late March, Rio de Janeiro announced a similar plan, aiming to become the first Brazilian city to accept Bitcoin payments for taxes.

In the US, the state of Colorado plans to take crypto for tax payments starting summer this year. Florida is considering a similar scheme, while the transcontinental country of Panama already approved it in April.

However, in light of the recent crypto crash, volatility, and the industry’s rampant scams, financial experts advise approaching such a matter with caution.

Blockchain Australia chairman, Adam Poulton, thinks payments could either halve or multiply depending on prevailing market conditions.

While Poulton is not completely against crypto payments, he advises the Australian government to consider a 95:5 payment ratio, where the latter is in cryptocurrency.

Another expert, Associate Professor Vallipuram Muthukkumarasamy of Griffith University, said that while the council was open to such developments, crypto remains “speculative.” He urged further research and education in the “new technology,” saying crypto tax payments require “confidence building.”

Crypto Uptake in Australia

Like many other countries, Australia has taken a ‘measured’ approach in matters regarding cryptocurrencies. Recently, the nation’s largest bank, Commonwealth, reportedly suspended its crypto trading pilot program after the crypto crash triggered by Terra’s downfall. And even though Australian regulators finally approved the country’s first Bitcoin and Ethereum ETFs, the launch was delayed and its reception half-hearted.

This year, Australia intends on developing a crypto taxation policy while its new Prime Minister looks into crypto regulation.

Meanwhile, various businesses in the country have begun taking crypto payments. Additionally, several influential figures in the country have also communicated a pro-crypto stance. Some of the notable ones include the country’s Finance Services Minister, Jane Hume, and the former Federal Treasurer, Josh Frydenberg.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Google’s latest Pixel feature drop includes a Teenage Engineering music app

Next Post

How can Shiba Inu avert a brutal sell-off in the coming weeks?

Related Posts

These Are the Two Challenges for XRP Following 30% Recovery in 9 Days (Ripple Price Analysis)
Crypto News

These Are the Two Challenges for XRP Following 30% Recovery in 9 Days (Ripple Price Analysis)

June 27, 2022
6
Top Protocols For DeFi And Cryptocurrency Adoption: Mushe (XMU), PancakeSwap (CAKE), And Aave (AAVE)
Crypto News

Top Protocols For DeFi And Cryptocurrency Adoption: Mushe (XMU), PancakeSwap (CAKE), And Aave (AAVE)

June 26, 2022
4
Axie Infinity to reimburse Ronin bridge victims and reopen the bridge
Crypto News

Axie Infinity to reimburse Ronin bridge victims and reopen the bridge

June 26, 2022
7
85% of Merchants Say Crypto Payments Will Be a Norm by 2026: Deloitte
Crypto News

50% of Latin American Consumers Have Experience Transacting Crypto: Mastercard

June 26, 2022
9
Shiba Inu (SHIB) could drop by around 15% before any bull run
Crypto News

Two top cryptocurrencies that could make a V-shaped recovery

June 26, 2022
4
Next Post
How can Shiba Inu avert a brutal sell-off in the coming weeks?

How can Shiba Inu avert a brutal sell-off in the coming weeks?

Recommended

US Treasury Secretary Yellen advises against Bitcoin for retirement savings

US Treasury Secretary Yellen advises against Bitcoin for retirement savings

June 11, 2022
6
Even inventor Bill Bengen is revisiting the 4% rule — is it still the key to making money last in retirement?

Even inventor Bill Bengen is revisiting the 4% rule — is it still the key to making money last in retirement?

May 31, 2022
5
Solana (SOL) reclaims $50 as it rallies from 2022 lows

Avalanche v Solana – Which one is a better buy?

May 29, 2022
6
Digital platform SeaCoast is born, a leader in coastal nautical digital technology

Digital platform SeaCoast is born, a leader in coastal nautical digital technology

May 28, 2022
6
Should you file yourself or use an agent?

Should you file yourself or use an agent?

June 14, 2022
9
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • These Are the Two Challenges for XRP Following 30% Recovery in 9 Days (Ripple Price Analysis)
  • Stocks pace towards worst start since 1970
  • U.S. families face ‘exponential increase’ in child care costs: Care.com CEO

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?