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- The second fastest-developing city in Texas will investigate different policy options for accepting Bitcoin as a payment option and integrating other Web3 technologies to make residents’ lives more comfortable.
- Texas, Austin, Mayor Steve Adler has welcomed the discovery of what blockchain technology and cryptocurrency payments may offer to his community by proposing two new initiatives.
Proposal to accept Bitcoin
The first project is to guarantee that Texas’ fourth-largest city supports blockchain technology and “promotes fairness, diversity, accessibility, and inclusion” in the technical environment.
May Adler asked the city manager to investigate other options on how the city can use blockchain and Web3 in different industries, ranging from smart contracts, insurance, Supply chain management, and identity verification are all services offered to the arts, fundraising, media, and identity verification.
As the first set of regulations to consider under this effort, the city manager should look into ways to allow “the acceptance of Bitcoin or other cryptocurrencies as payment for municipal taxes, fines, and penalties.”
The second proposal of Mayor Adler asks the city manager to conduct “fact-finding research” on how the city can implement Bitcoin (BTC) and cryptocurrency-related policies. Mayor Adler wants to create proven methods for Austin people to lawfully pay their bills using cryptocurrency comfortably through these efforts.
The impact of innovative apps on the daily lives of Austin citizens will determine the success of the two programs. On 24th March, the municipal council will vote on the proposals.
Miami and NY started their own city-wide coin initiatives
Austin has joined forces with New York City, Miami, and the state of Colorado in fast-growing cryptocurrency investigation initiatives and planned policy implementation. while Austin’s scheme is still in the works, Miami and New York have already started their own city-wide currency initiatives on the Stacks layer-1 blockchain via City Coin.
Philadelphia has indicated an interest in participating in the City Coins scheme, while Colorado Governor Jared Polis stated in an interview that the state will accept cryptocurrency for “state tax-related activities.”
He also hopes the city government to accept cryptocurrency at a broader range in the future.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
