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Modern cities throughout America are racing to turn into the subsequent sizzling spot for cryptocurrency and blockchain adoption. Miami was the primary metropolis to undertake its personal a part of CityCoins final yr, 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 academic initiatives and with Mayor Eric Adams receiving his paycheck in Bitcoin (BTC) in January this yr.
Austin takes a powerful stance
Most lately, Austin — the state capital of Texas that goes by the slogan “Maintain Austin Bizarre” — has taken a powerful curiosity in cryptocurrency and blockchain expertise. Whereas Texas’ need to cleared the path for crypto innovation was established a few yr 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 providers.
Rely 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 on. 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 discover attainable use circumstances of cryptocurrency to learn Austin and its residents. The decision particularly asks for town supervisor to look at how town might undertake Bitcoin and different cryptocurrencies for monetary transactions.
Kelly instructed Cointelegraph that her decision directs town supervisor to conduct a fact-finding research to find out what can be required for town to simply accept Bitcoin or different cryptocurrency funds for metropolis providers:
“That is extra of a feasibility research. We presently don’t have sufficient info as council members to know if we will settle for crypto as cost for metropolis providers. We have to know extra about this earlier than we will resolve. In doing so, there’s safety info we have to have a look at to see if that is even viable or if we will preserve crypto on our books financially. We don’t know if we will invoice it as an asset — that will stop us from with the ability to settle for crypto as cost. There’s additionally the monetary stability of crypto as an entire, and if we will even settle for it in that regard.”
Though questions stay, Kelly talked about that Austin has all the time been a forward-thinking and modern metropolis, noting that many cryptocurrency buyers presently stay and work in Austin. Kelly added that Austin Mayor Steve Adler is a co-sponsor of her decision. Given this help, Kelly believes cryptocurrency funds will function a helpful various to permit people the pliability of paying for sure metropolis providers. She elaborated:
“If somebody will get a dashing ticket, for instance, and doesn’t have a checking account however has cryptocurrency, they may use crypto as cost. 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 simply accept crypto funds.”
This might actually make a big impact, as latest knowledge from Finder.com discovered that 8% of Texans already personal Bitcoin and that adoption within the state might hit 14% by the tip of the yr. Austin, particularly, may gain advantage from crypto funds for metropolis providers, as Google knowledge exhibits that Austin ranks on the primary metropolis in Texas that searches for the key phrases “Bitcoin” and “crypto.”
All issues thought of, it shouldn’t come as a shock that Kelly’s decision was permitted throughout Austin’s metropolis council assembly that passed off 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 cost. This will likely 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. In the course of the assembly, metropolis council member Sabino Renteria defined that Austin began exploring the usage of blockchain 4 years in the past to make sure 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 of us 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 modern, some Austin metropolis council members expressed issues through the assembly. Councilmember Leslie Pool talked about 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 latest 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 consultants 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 imagine crypto is simply too unstable, a type of forex 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 cost or funding is inconsistent with the position of a municipality in safeguarding the neighborhood’s income.”
Austin pushes ahead, regardless of issues
Issues apart, Austin residents stay optimistic 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 — instructed Cointelegraph that the group goals to function a neighborhood 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 exhibiting our help 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 grasp the house earlier than diving into tasks.”
DAO representatives @CrystalGravy2 @theSamPadilla and @realitycrafter confirmed up for at the moment’s Austin Metropolis Council Assembly to provide public remark in help of resolutions 55 + 57.
ATX DAO is glad to supply help 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 this can be a optimistic step in the precise course:
“New info is all the time a very good factor. However, even past fact-finding, each resolutions present that Austin is open for enterprise and encourages innovation, which is incredible.”
In the course of the March 24 council assembly, Harvey took a couple of minutes to share his ideas with metropolis council members. He said 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 a degree of reference.”
Along with efforts being made by ATX DAO, different Austinites are creating initiatives with crypto and Web3 parts to provide again to the neighborhood. For instance, Metropolis Magic is a challenge aiming to deliver communities in Austin collectively by grants within the type of nonfungible tokens (NFTs).
Metropolis Magic founder Raffi Sapire instructed Cointelegraph that the challenge 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 in regards to the neighborhood. It additionally helps construct a bridge for individuals who could not have interacted with tokens earlier than. Grants are NFTs, and the fee to affix our committee is the same as one grant that can profit civic engagement.”
Adler lately demonstrated his help for Sapire and different blockchain-focused Austin entrepreneurs and companies in a tweet that learn, “Austin is happy to help the companies and improvements that can flip the guarantees of Web3, cryptocurrency, and blockchain expertise into actuality.”
Furthermore, Austin could 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 increasingly play out in a presentation carried out at ETH Austin, a two-day lengthy occasion that passed off throughout South By Southwest. The neighborhood member shared that CityCoins’ principal 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 prefer 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 will depend on my decision passing and understanding that it’s possible for town of Austin to simply accept crypto as an entire.”
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