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- This might have a significant influence, as recent data from Finder.com indicated that 8% of Texans now hold Bitcoin, with adoption expected to reach 14% by the end of the year.
- Despite the unanswered questions, Kelly stated that Austin has always been a forward-thinking and innovative city, noting that many bitcoin investors now live and work in the city.
- This is more of a proof-of-concept. As council members, we currently lack sufficient information to determine whether or not we may accept cryptocurrency as payment for city services.
By approving two resolutions focusing on cryptocurrency and blockchain innovation, the city of Austin is preparing to become America’s next crypto hotspot. Cities around the United States are competing to be the next hotspot for cryptocurrency and blockchain adoption. Last year, Miami became the first city to accept its own section of CityCoins, allowing it to launch its own cryptocurrency, MiamiCoin, for civic engagement.
Austin Has A Firm Stand On The Issue
New York City has likewise established a reputation as a crypto-friendly city, sponsoring educational activities and paying Mayor Eric Adams in Bitcoin (BTC) in January of this year. Recently, Austin, Texas’ state capital, has taken a keen interest in cryptocurrencies and blockchain technologies, under the tagline Keep Austin Weird. While Governor Greg Abbot’s willingness to lead the way for crypto innovation was established around a year ago when he tweeted that he is a crypto law proposal supporter, the city of Austin has gone above and above to ensure that cryptocurrency is accepted for city services.
Mackenzie Kelly, an Austin city council member, introduced a resolution on March 9, 2022, directing the Austin city manager to investigate prospective uses of cryptocurrencies to benefit Austin and its inhabitants. The resolution specifically requests that the city manager looks into how Bitcoin and other cryptocurrencies could be used in the city. According to Kelly, her resolution instructs the city manager to conduct a fact-finding study to identify what would be required for the city to accept Bitcoin or other cryptocurrency payments for city services:
This is more of a proof-of-concept. As council members, we currently lack sufficient information to determine whether or not we may accept cryptocurrency as payment for city services. Before we can make a decision, we need to learn more about this. In doing so, we’ll need to look at security data to see if this is really feasible and if we can keep crypto on our books financially. We’re not sure if we can bill it as an asset, which would restrict us from accepting cryptocurrency as payment.
Despite the unanswered questions, Kelly stated that Austin has always been a forward-thinking and innovative city, noting that many bitcoin investors now live and work in the city. Austin Mayor Steve Adler is a co-sponsor of Kelly’s resolution, she said. Kelly feels that bitcoin payments will be a helpful alternative to enable individuals the freedom to pay for some local services as a result of this support. She went on to say:
Bitcoin Is Also Now Held By 8% Of Texans
For example, if someone receives a speeding ticket but does not have a bank account, they might pay with cryptocurrency. Or if they wanted to use Bitcoin to pay their taxes or utility bills, or to dedicate a park in their honor. All of this is part of the research on allowing the city of Austin to accept cryptocurrency payments.
This might have a significant influence, as recent data from Finder.com indicated that 8% of Texans now hold Bitcoin, with adoption expected to reach 14% by the end of the year. Austin, in particular, could gain from cryptocurrency payments for city services, as Google data shows that Austin is the most-searched-for city in Texas for the terms Bitcoin and crypto.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
