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Gold Coast Mayor Tom Tate suggests paying council rates with cryptocurrency, despite $2 trillion crash

Gold Coast Mayor Tom Tate has suggested that rates could be paid with cryptocurrency in future years, despite the market crashing by $2 trillion — more than half of its total value — over the past six months.

As the council prepares to hand down its annual budget on June 14, Gold Coast residents can expect to see a rates rise of at least 4 per cent — the highest increase in 10 years.

But Mr Tate has also announced that council will seek to hire a chief investment officer from the private sector to encourage “innovation” and investigate “joint ventures” on council-owned land.

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

“It sends a signal that we’re innovative and bring in the younger generation … [but] I’m not saying we’re doing it, I’m just saying we’re always looking at the next level.”

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

Council needs ‘risk appetite’

The underlying idea of ​​cryptocurrency is that it creates a method of payment that cuts out the middleman, like a bank.

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