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Progressive cities throughout America are racing to change into the subsequent scorching spot for cryptocurrency and blockchain adoption. Miami was the primary metropolis to undertake its personal a part of CityCoins final 12 months, permitting it to implement its personal cryptocurrency referred to as “MiamiCoin” for use for civic engagement.
New York Metropolis has additionally made a reputation for itself as a crypto-friendly metropolis by implementing instructional initiatives and with Mayor Eric Adams receiving his paycheck in Bitcoin (BTC) in January this 12 months.
Austin takes a robust stance
Most not too long ago, Austin — the state capital of Texas that goes by the slogan “Preserve Austin Bizarre” — has taken a robust curiosity in cryptocurrency and blockchain expertise. Whereas Texas’ want to paved the way for crypto innovation was established a few 12 months in the past when Governor Greg Abbot tweeted that he’s a “crypto regulation proposal supporter,” town of Austin has taken further measures to make sure the acceptance of cryptocurrency for metropolis companies.
Depend me in as a crypto regulation proposal supporter.
It’s more and more getting used for transactions and is starting to go mainstream as an funding. (Constancy, and so forth. attempting to get Bitcoin ETF).
Texas ought to lead on this like we did with a gold depository. https://t.co/1z25mtgnmu
— Greg Abbott (@GregAbbott_TX) March 29, 2021
On March 9, 2022, Austin metropolis council member Mackenzie Kelly put forth a decision to direct the Austin metropolis supervisor to explore potential use instances of cryptocurrency to learn Austin and its residents. The decision particularly asks for town supervisor to examine how town may undertake Bitcoin and different cryptocurrencies for monetary transactions.
Kelly advised Cointelegraph that her decision directs town supervisor to conduct a fact-finding examine to find out what can be required for town to just accept Bitcoin or different cryptocurrency funds for metropolis companies:
“That is extra of a feasibility examine. We at present don’t have sufficient data as council members to know if we will settle for crypto as fee for metropolis companies. We have to know extra about this earlier than we will resolve. In doing so, there’s safety data we have to take a look at to see if that is even viable or if we will hold crypto on our books financially. We don’t know if we will invoice it as an asset — that might stop us from having the ability to settle for crypto as fee. There’s additionally the monetary stability of crypto as a complete, and if we will even settle for it in that regard.”
Though questions stay, Kelly talked about that Austin has at all times been a forward-thinking and revolutionary metropolis, noting that many cryptocurrency buyers at present stay and work in Austin. Kelly added that Austin Mayor Steve Adler is a co-sponsor of her decision. Given this assist, Kelly believes cryptocurrency funds will function a helpful different to permit people the flexibleness of paying for sure metropolis companies. She elaborated:
“If somebody will get a rushing ticket, for instance, and doesn’t have a checking account however has cryptocurrency, they may use crypto as fee. Or, in the event that they needed to pay their taxes or electrical payments utilizing Bitcoin or dedicate a park of their title utilizing crypto. That is all a part of the evaluation for permitting town of Austin to just accept crypto funds.”
This might definitely make a big impact, as current knowledge from Finder.com found that 8% of Texans already personal Bitcoin and that adoption within the state may hit 14% by the tip of the 12 months. Austin, specifically, may gain advantage from crypto funds for metropolis companies, as Google knowledge shows that Austin ranks on the primary metropolis in Texas that searches for the key phrases “Bitcoin” and “crypto.”
All issues thought-about, it shouldn’t come as a shock that Kelly’s decision was approved throughout Austin’s metropolis council assembly that happened on March 24. Now that the decision has handed, Kelly defined that the subsequent step for approval will happen in mid-June when the Austin metropolis supervisor can decide if crypto can certainly be accepted as fee. This will probably be primarily based on town’s analysis concerning monetary stability, safety, fairness and inclusion and client advantages or dangers.
Along with Kelly’s decision, Adler’s decision specializing in blockchain expertise was additionally handed throughout Austin’s March 24, 2022 working session. Through the assembly, metropolis council member Sabino Renteria defined that Austin began exploring using blockchain 4 years in the past to ensure that town’s homeless inhabitants would have management of their private information always. “The idea was what if we use blockchain expertise to have the ability to give of us possession and entry to all of their information,” he remarked. Renteria added that he’s “excited on the prospect of what blockchain can do.”
Whereas each resolutions are revolutionary, some Austin metropolis council members expressed considerations in the course of the assembly. Councilmember Leslie Pool mentioned that her single greatest concern concerning blockchain implementation is its “lack of a government.” She added:
“It might be tamper evident and tamper resistant, however that’s all that it’s. It’s a digital ledger. So there could also be some distinctive makes use of for this or for town to advertise its use, however at this level, given its comparatively current entry into knowledge storage or different digital arenas, I’m actually cautious regarding town diving into adopting or utilizing it. I very a lot wish to hear from our monetary workplace employees or specialists on these applied sciences earlier than taking choices to undertake these things.”
Concerning the cryptocurrency decision put forth, council member Pool added:
“I proceed to consider crypto is just too unstable, a type of foreign money to danger tax payer {dollars} or worker retirements. Crypto is unregulated. It isn’t simply unregulated. It is also unprotected. There’s a component for me of gaming concerned right here. THat leaves me actually uneasy. Crypto as a type of fee or funding is inconsistent with the function of a municipality in safeguarding the neighborhood’s income.”
Austin pushes ahead, regardless of considerations
Issues apart, Austin residents stay optimistic concerning cryptocurrency and blockchain innovation throughout the metropolis. For instance, Jesse Paterson, chair of the schooling committee at ATX DAO — a chain-agnostic decentralized autonomous group (DAO) in Austin — advised Cointelegraph that the group goals to function an area useful resource to assist educated metropolis council members and residents on the implications of the not too long ago handed resolutions:
“Some ATX DAO members had been at metropolis corridor displaying our assist for the resolutions, but we nonetheless lent some warning as a result of we’re nonetheless within the early days of crypto. Due to this fact, it takes time to grasp the house earlier than diving into tasks.”
DAO representatives @CrystalGravy2 @theSamPadilla and @realitycrafter confirmed up for at this time’s Austin Metropolis Council Assembly to provide public remark in assist of resolutions 55 + 57.
ATX DAO is glad to supply assist to any metropolis tasks or investigations into the web3 house. pic.twitter.com/8zzIEQVyNz
— ATX DAO (@ATXDAO) March 24, 2022
Ryan Harvey, ATX DAO neighborhood supervisor and long-time resident of Austin, added that, primarily based on the wording of each council member Kelly’s crypto decision and Mayor Adler’s blockchain decision, it’s clear that these are nonetheless fact-finding missions. Nevertheless, he famous it is a optimistic step in the best route:
“New data is at all times an excellent factor. However, even past fact-finding, each resolutions present that Austin is open for enterprise and encourages innovation, which is unbelievable.”
Through the March 24 council assembly, Harvey took a couple of minutes to share his ideas with metropolis council members. He acknowledged that, “There are organizations right here on the town like ATX DAO — and I used to be excited to see DAOs talked about within the decision — that may be some extent of reference.”
Along with efforts being made by ATX DAO, different Austinites are creating initiatives with crypto and Web3 components to provide again to the neighborhood. For instance, Metropolis Magic is a venture aiming to carry communities in Austin collectively by grants within the type of nonfungible tokens (NFTs).
Metropolis Magic founder Raffi Sapire advised Cointelegraph that the venture awards $1,000 grants to these within the Austin neighborhood who wish to create a pleasant house or occasion for neighbors or for civic engagement. “Metropolis Magic is for civically-minded individuals and for individuals who care concerning the neighborhood. It additionally helps construct a bridge for individuals who might not have interacted with tokens earlier than. Grants are NFTs, and the fee to hitch our committee is the same as one grant that may profit civic engagement.”
Adler not too long ago demonstrated his assist for Sapire and different blockchain-focused Austin entrepreneurs and companies in a tweet that learn, “Austin is worked up to assist the companies and improvements that may flip the guarantees of Web3, cryptocurrency, and blockchain expertise into actuality.”
Furthermore, Austin might quickly be a part of the ranks of Miami and New York Metropolis by implementing its personal CityCoin. A CityCoin neighborhood member spoke about how this may occasionally play out in a presentation conducted at ETH Austin, a two-day lengthy occasion that happened throughout South By Southwest. The neighborhood member shared that CityCoins’ essential objective is to work with town of Austin to assist officers like Mayor Adler and council member Kelly higher perceive how Austin’s personal cryptocurrency will be profitable. “We have to outline this and ensure we do it proper earlier than we go about something. Ideally, we’d wish to have an announcement on this throughout Consensus 2022, set to occur on June 9.”
When requested a few CityCoin being applied in Austin, Kelly remarked, “I’m open to the concept, however my monetary conclusion of that is determined by my decision passing and realizing that it’s possible for town of Austin to just accept crypto as a complete.”
