Roehl Niño Bautista · · 1 min readAustralian city mulls accepting Bitcoin for tax payments
Gold Coast, Australia is considering accepting Bitcoin for local tax payments, reported Forkast.
Mayor Tom Tate said the move is a “signal” to the younger generation that the city is “innovative,” noting that the volatility of Bitcoin’s value “is not that bad.”
The cryptocurrency’s value has dropped in recent months and is currently worth under US$30,000 – more than half of its peak value of over US$64,000 in November 2021.
The city’s increased interest in Bitcoin comes on the heels of the recent crash of Terraform Labs’ Luna token and stablecoin TerraUSD. The event sent the company into disarray, leading to a probe over embezzlement allegations, among other issues.
El Salvador was the first country to approve Bitcoin as an official currency, but the International Monetary fund has warned it about doing so. The Central African Republic followed suit. But in Asia, Malaysia has already thumbed down the possibility of using cryptocurrency as legal tender.
See also: Bitcoin may be the OG of crypto, but is it time to let it go?
Editing by Miguel Cordon and Jaclyn Tiu
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