An Australian Mayor has said that he is unfazed about the recent downturn recorded in the crypto market. The crypto market has been a showcase of declines, with notable tokens seeing as many as two-digit declines. Although most people have pointed accusing fingers at Terra and its native token, LUNA, things are just getting back to normal for the market after a while. Despite that fact, the Australian Mayor feels residents can leverage crypto to make payments in the country.
Australian Mayor mulls paying taxes with crypto
According to his statement, Australian Mayor Tom Tate mentioned that users should be allowed to leverage digital assets to pay for charges such as taxes and the like. However, regulators and other parties have often reminded investors of how hard volatility can rock the market at any period.
Recently, regulators have pointed to the market downturn as a source of worry should they adopt this system. In his interview with a local news station some days ago, Tates suggested that lawmakers enshrine it into the constitution to allow users to make payments with crypto if they can eliminate specific risks. In his opinion, volatility has never been a source of concern, and this present one is not the worse that the market has witnessed.
Experts worried about the effects of volatility
Tate has been dubbed a man of the people after the Australian Mayor assumed office in 2012. He has since been elected by the majority en route to taking back the office in 2016 and 2020. Although he mentioned that nothing is sure yet, things are beaming in a positive light. Tate noted that going on this lane would signal an intent to include the upcoming generation versed in technologies like this into the fray. However, interested parties have severe concerns about how volatility could affect a payment system built on crypto.
A top expert in the country has warned that the government needs to look keenly at its pros and cons before moving in the way of adopting a crypto payment system. He mentioned that traders would be agitated and displeased if they buy $2,000 worth of Bitcoin, and upon payment, they realize the value has dropped drastically. The Australian Mayor’s statement is coming off the back of several countries, touting a lean towards digital assets since the start of the year. The Bahamas has sanctioned a rule which will see interested parties in the country pay their taxes using Bitcoin and other digital assets.
Source: https://www.cryptopolitan.com/australian-mayor-unfazed-crypto-volatility/