Steve Adler, the mayor of Austin, Texas, looks at methods to accept Bitcoin as a payment mechanism. Adler is certain that blockchain technology and cryptocurrency payments may transform the city’s fortunes and introduce two new initiatives.
The first project develops Austin to promote blockchain technology in the financial industry, translating to “equity, diversity, accessibility, and inclusion.”
According to Adler’s second proposal, the City Manager is to perform a “fact-finding study” based on studies on how Austin may adopt Bitcoin.
They will expand the research to include regulations relating to bitcoin and blockchain technology. Adler’s initiatives may lead to Austin citizens paying their bills using cryptocurrency.
The municipal council will vote on the two proposals on March 24. Austin may become a hotspot for cryptocurrency-based firms if the two efforts are successful.
Businesses will be able to legally accept cryptos as payments and find new revenue streams due to the change. In addition, this will allow newer enterprises to experiment with the latest finance module to their advantage.
“The City Manager is directed to ensure that the City is assisting in the creation of an environment within city government and in the community as a whole that supports the creation and development of new technologies, including without limitation blockchain and other Web3 related technologies, protocols, and applications,” Adler’s office said in a statement.
In an effort to extend its blockchain footprint, Austin has teamed up with New York, Miami, and Colorado. Cryptocurrencies are also being considered as a payment option in Philadelphia.
Governments starts to recognise cryptocurrencies
Governments all around the globe are becoming more aware of Bitcoin and other cryptocurrencies’ potential. President Joe Biden of the United States has issued an executive order on cryptocurrency.
Furthermore, because the measures to regulate do not appear to set the ground for a ban, the presidential order is considered neutral toward the rise of digital currencies. Biden’s directive also directed government agencies to explore solutions to emerging cryptocurrency technology.
Austin is joining Miami, New York City, and the state of Colorado in quickly growing cryptocurrency investigation initiatives and planned policy adoption.
City Currency on the Stacks layer-1 blockchain has already started city-wide coin initiatives in Miami and New York, while Austin’s program is still in the works.