The state’s second-fastest-growing city will investigate policy options for accepting Bitcoin as a payment option and integrating other Web3 technologies to better residents’ lives.
Mayor Steve Adler of Austin, Texas, has proposed two new initiatives in response to the revelation of what blockchain technology and crypto payments may offer to his community.
The first project is to ensure that Texas’ fourth-largest city promotes blockchain technology’s benefits and “promotes equity, diversity, accessibility, and inclusion” in the technical environment. May Adler asked the City Manager to look into how the city can use Web3 and blockchain in 20 different areas, including smart contracts, supply chain management, and insurance, as well as arts, media, fundraising, and identity verification.
“The City Manager is aimed to ensure that the City is assisting in the creation of an environment within city government and in the community at large that supports the creation and development of new technologies, including without limitation blockchain and other Web3 related technologies, protocols, and applications,” according to the directive.
The second proposal, introduced by Mayor Adler, directs the City Manager to conduct “fact-finding research” on how the city might adopt Bitcoin (BTC) and cryptocurrency-related policies. Mayor Adler appears to want to create ways for Austin people to lawfully pay their bills using cryptocurrency through these efforts.
As the first set of regulations to look into under this program, the City Manager should investigate ways to allow “the acceptance of Bitcoin or other cryptocurrencies as payment for municipal taxes, fees, and penalties.”
The impact of innovative applications on the daily lives of Austin citizens will determine the success of the two programs. The municipal council will vote on the plans on March 24.
Since at least 2020, when a proposal to employ smart contracts for the MyPass identity verification protocol was presented, Austin’s City Council has been studying blockchain technological integrations.
Austin is joining Miami, New York City, and the state of Colorado in rapidly expanding cryptocurrency exploration efforts and proposed policy implementation. City Currency on the Stacks layer-1 blockchain has already launched city-wide coin projects in Miami and New York, while Austin’s programme is still in the works.
The city of Philadelphia has expressed interest in joining the City Coins initiative, and Colorado Governor Jared Polis announced in a Feb. 15 interview that the state will accept cryptocurrency for “state tax-related activities.” He expects to accept cryptocurrency for a broader range of state government services in the future.
Also Read: Everything you need to know about Web, Web 2.0 and Web3
Join our Telegram Channel to get the best notification regarding Pricing Prediction, Trading Analysis, News, Blogs, and interviews.