Australian Mayor Tom Tate, has suggested that in the future taxes can be paid with cryptocurrencies, amidst the market crashing by $2 trillion which accounts to more than half of its total value – in the last six months.

In the annual budget which is due on June 14, Australia’s Gold Coast residents can expect a rate hike of at least 4% – the biggest increase in 10 years.

However, Mr Tate also stated that the council plans to hire a private sector investment manager to boost ‘innovation’ and investigate ‘joint ventures’ on council-owned land.

He said, “Why can’t we pay rates on cryptocurrency if the risk isn’t high?”

Explaining that, he said that paying rates on cryptocurrency sends a signal that the council is innovative and that it is attracting the younger generation. He added, “I’m not saying we do, I’m just saying we’re always looking to take it to the next level.”

Even though the national blockchain industry group has welcomed the prospect, a cryptocurrency researcher urged more caution on the council’s plans.

Blockchain Australia chairman Adam Poulton said that given the price swings that cryptocurrencies have experienced, as well as the existence of scams and the recent stock market crash, “the board should consider [its] risk appetite”.