The mayor of an Australian city said the city council is open to considering Bitcoin as a payment method for rates and other council services. The move is part of an initiative to embrace new technologies.
Gold Coast Mayor Tom Tate said the city council is open to considering Bitcoin as a payment method for rates and other council services as it seeks to embrace new technologies, according to Cryptopolitan. The move also aims to attract the younger generation.
Gold Coast residents can expect their rates to rise by at least 4% when the city releases its annual budget on June 14. However, mayor Tate announced that the city will hire a chief investment officer from the private sector to promote “innovation” and explore “joint ventures” on public property. He added that the move sends a signal that the city is innovative.
Blockchain Australia has welcomed this development, with chairman Adam Poulton noting that cryptocurrency is just another form of money and has an exchange rate pegged to the Australian dollar. With a little help from software and some apps, anyone can accept Bitcoin as payment. However, he recommended that the city council assess its risk appetite before considering crypto as a payment method.
While the decision to allow crypto payments is still at an early stage, this is an encouraging sign of development in the industry. As more businesses and organizations begin to accept cryptocurrency, it is slowly but surely becoming more popular.
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