Modern cities throughout America are racing to grow to be the sequent sizzling 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 far-famed 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 12 months. 


Is Austin The Subsequent US Crypto Hub? Officials Approve Blockchain Resolutions
Is Austin The Subsequent US Crypto Hub? Officials Approve Blockchain Resolutions

Austin takes a robust stance 

Most not too lang syne, Austin — the state capital of Texas that goes by the catchword "Maintain Austin Bizarre" — has taken a robust curiosity in cryptocurrency and blockchain know-how. Whereas Texas' need to cleared the path for crypto innovation was established few 12 months in the past when Governor Greg Abbot tweeted that he's a "crypto legislation proposal supporter," the town of Austin has taken extra measures to make a point the acceptance of cryptocurrency for metropolis companies.

On March 9, 2022, Austin metropolis council member Mackenzie Kelly put forth a decision to direct the Austin metropolis superordinate program to discover possible use circumstances of cryptocurrency to learn Austin and its residents. The decision particularly asks for the town superordinate program to look at how the town may undertake Bitcoin and different cryptocurrencies for medium of exchange system proceedings.

Kelly advised Cointelegraph that her decision directs the town superordinate program to conduct a fact-finding examine to find out what can be required for the town to just accept Bitcoin or different cryptocurrency medium of exchange system imagination for metropolis companies:

"That is extra of a feasibility examine. We presently don't have ample data as council members to know if we will settle for crypto as cost for metropolis companies. We have to know extra about this earlier than we will resolve. In doing so, there may be safety data 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 account it as an plus — that power forestall us from having the power to settle for crypto as cost. There's additionally the medium of exchange system stpower 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 the to the worst degree bit multiplication been a forward-thinking and progressive metropolis, noting that many cryptocurrency buyers presently reside and work in Austin. Kelly added that Austin Mayor Steve Adler is a co-sponsor of her decision. Given this assist, Kelly believes cryptocurrency medium of exchange system imagination will function a helpful various to permit people the flexibleness of paying for sure metropolis companies. She elaborated:

"If mortal will get a rushing ticket, for instance, and doesn't have a checking account yet has cryptocurrency, they may use crypto as cost. Or, in the event that they wished 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 the town of Austin to just accept crypto medium of exchange system imagination."

This power in nigr make a huge effect, as current cognition from Finder.com discovered that 8% of Texans already personal Bitcoin and that adoption inside the state may hit 14% by the top of the 12 months. Austin, particularly, may gain advantage from crypto medium of exchange system imagination for metropolis companies, as Google cognition exhibits 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 authorized throughout Austin's metropolis council assembly that came about on March 24. Now that the decision has one-handed, Kelly defined that the sequent step for approval will happen in mid-June when the Austin metropolis superordinate program can decide if crypto can for sure be accepted as cost. This shall be based mostly on the town's analysis concerning medium of exchange system stpower, safety, fairness and inclusion and client advantages or dangers.

Along with Kelly's decision, Adler's decision specializing in blockchain know-how was additionally one-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 exploitation blockchain 4 years in the past to make a point that the town's homeless inhabitants would have direction of their private information always. "The idea was what if we use blockchain know-how to have the power to give people 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 progressive, some Austin metropolis council members expressed issues through the assembly. Councilmember Leslie Pool talked about that her single largest concern concerning blockchain implementation is its "lack of a government." She added:

"It power be tamper evident and tamper resistant, yet 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 the town to advertise its use, yet at this level, given its comparatively current entry into cognition storage or different digital arenas, I'm actually cautious regarding the town diving into adopting or utilizing it. I very much wish to hear from our medium of exchange system work employees or specialists on these applied sciences earlier than taking selections 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 foreign money 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 play 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 group's income."

Austin pushes ahead, regardless of issues

Considerations apart, Austin residents stay constructive concerning cryptocurrency and blockchain innovation throughout the metropolis. For instance, Jesse Paterson, chair of the school committee at ATX DAO — a chain-agnostic localized autonomous group (DAO) in Austin — advised Cointelegraph that the group goals to function a neighborhood useful imagination to assist educated metropolis council members and residents on the implications of the not too lang syne one-handed resolutions:

"Some ATX DAO members had been at metropolis corridor exhibiting our assist for the resolutions, but we yet lent some warning as a result of we're yet inside the youth of crypto. Subsequently, it takes time to know the house earlier than diving into tasks."

Ryan Harvey, ATX DAO group superordinate program and long-time resident of Austin, added that, based mostly on the phrasing of each council member Kelly's crypto decision and Mayor Adler's blockchain decision, it's clear that these are yet fact-finding missions. Nonetheless, he far-famed it is a constructive step in the precise route:

"New data is the to the worst degree bit multiplication an first-class 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 few proceedings to share his ideas with metropolis council members. He accognitiond that, "There are organizations right here on the town like ATX DAO — and I accustomed be excited to see DAOs talked abcall atside 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 once again to the group. For instance, Metropolis Magic is a

mission aiming

to carry communities in Austin collectively by way of grants inside the type of nonfungible tokens (NFTs). 

Metropolis Magic

founder Raffi

Sapire advised Cointelegraph that the mission awards $1,000 grants to these inside the Austin group who wish to create a pleasant house 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 power not have interacted with tokens earlier than. Grants are NFTs, and the price to affix our committee is the same as one grant that can profit civic engagement."

Adler not too lang syne incontestable his assist for Sapire and different blockchain-focused Austin entrepreneurs and companies in a tweet that learn, "Austin is agitated to assist the companies and improvements that can flip the guarantees of Web3, cryptocurrency, and blockchain know-how into actuality."

Furthermore, Austin power 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 may increasingly play call at a presentation performed at ETH Austin, a two-day drawn-out occasion that came about throughout South By Southwest. The group member shared that CityCoins' primary objective is to work with the town of Austin to assist officers like Mayor Adler and council member Kelly higher comprehend how Austin's personal cryptocurrency power be profitable. "We have to outline this and ensure we eff proper earlier than we approach something. Ideally, we'd prefer to have an announcement on this throughout Consensus 2022, set to occur on June 9."

When requested few CityCoin being carried call at Austin, Kelly remarked, "I'm open to the thought, yet my medium of exchange system conclusion of that will depend on my decision passing and calculation out that it's possible for the town of Austin to just accept crypto as a complete."