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‘Volatility Not So Bad’: Mayor Proposes Paying Fees With Cryptocurrency Despite $2 Trillion Market Crash

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

As the council prepares to submit its annual budget on June 14, Gold Coast residents can expect a rate increase of at least 4 percent — the highest increase in 10 years.

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

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

“It sends a signal that we are innovative and are bringing in the younger generation… [but] I’m not saying we’re doing it, I’m just saying we’re always looking to 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 payment method that eliminates the intermediarylike a couch.

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