Revolutionary 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 known 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 powerful stance
Most lately, Austin — the state capital of Texas that goes by the slogan “Hold Austin Bizarre” — has taken a powerful curiosity in cryptocurrency and blockchain expertise. Whereas Texas’ need to prepared the ground for crypto innovation was established a few 12 months in the past when Governor Greg Abbot tweeted that he’s a “crypto legislation proposal supporter,” town of Austin has taken extra measures to make sure the acceptance of cryptocurrency for metropolis companies.
Depend me in as a crypto legislation proposal supporter.
It’s more and more getting used for transactions and is starting to go mainstream as an funding. (Constancy, and many others. making an attempt 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 circumstances of cryptocurrency to learn Austin and its residents. The decision particularly asks for town supervisor to examine how town might 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 presently don’t have sufficient data as council members to know if we are able to settle for crypto as fee for metropolis companies. We have to know extra about this earlier than we are able to resolve. In doing so, there’s safety data we have to have a look at to see if that is even viable or if we are able to hold crypto on our books financially. We don’t know if we are able to invoice it as an asset — that may stop us from with the ability to settle for crypto as fee. There’s additionally the monetary stability of crypto as an entire, and if we are able to 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 traders presently dwell 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 pliability of paying for sure metropolis companies. She elaborated:
“If somebody will get a dashing ticket, for instance, and doesn’t have a checking account however has cryptocurrency, they might 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 identify 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 huge effect, as current knowledge from Finder.com found that 8% of Texans already personal Bitcoin and that adoption within the state might hit 14% by the top of the 12 months. Austin, particularly, may benefit 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 came about 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 can be primarily based on town’s analysis relating to 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. Throughout 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 data always. “The idea was what if we use blockchain expertise to have the ability to give people possession and entry to all of their data,” 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 throughout the assembly. Councilmember Leslie Pool mentioned that her single greatest concern relating to 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 referring to town diving into adopting or utilizing it. I very a lot need to hear from our monetary workplace employees or specialists on these applied sciences earlier than taking choices to undertake this stuff.”
Concerning the cryptocurrency decision put forth, council member Pool added:
“I proceed to imagine crypto is just too unstable, a type of forex to threat 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 position of a municipality in safeguarding the group’s income.”
Austin pushes ahead, regardless of considerations
Issues apart, Austin residents stay constructive relating to 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 lately 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. Subsequently, it takes time to know the area earlier than diving into initiatives.”
DAO representatives @CrystalGravy2 @theSamPadilla and @realitycrafter confirmed up for at this time’s Austin Metropolis Council Assembly to present public remark in assist of resolutions 55 + 57.
ATX DAO is glad to supply assist to any metropolis initiatives or investigations into the web3 area. pic.twitter.com/8zzIEQVyNz
— ATX DAO (@ATXDAO) March 24, 2022
Ryan Harvey, ATX DAO group 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 this can be a constructive 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 improbable.”
Throughout 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 parts to present again to the group. For instance, Metropolis Magic is a challenge aiming to deliver communities in Austin collectively via grants within the type of nonfungible tokens (NFTs).
Metropolis Magic founder Raffi Sapire advised Cointelegraph that the challenge awards $1,000 grants to these within the Austin group who need to create a pleasant area or occasion for neighbors or for civic engagement. “Metropolis Magic is for civically-minded individuals and for many who care in regards to the group. 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 lately demonstrated his assist for Sapire and different blockchain-focused Austin entrepreneurs and companies in a tweet that learn, “Austin is happy to assist the companies and improvements that may flip the guarantees of Web3, cryptocurrency, and blockchain expertise into actuality.”
Furthermore, Austin might quickly be part of the ranks of Miami and New York Metropolis by implementing its personal CityCoin. A CityCoin group member spoke about how this will likely play out in a presentation conducted at ETH Austin, a two-day lengthy occasion that came about throughout South By Southwest. The group member shared that CityCoins’ foremost purpose 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 thought, however my monetary conclusion of that is dependent upon my decision passing and figuring out that it’s possible for town of Austin to just accept crypto as an entire.”
