As crypto gets more popular with every passing day, the mayor of Texas’s second fastest-growing city, Steve Adler, has directed city management to consider policies and initiatives that would allow “without limitation” the acceptance of Bitcoin (BTC) as a payment option and the integration of other Web3 apps into Austin’s ecosystem.
While the technology is still in its early stages, the potential benefits of integrating apps and protocols related to Web3 and blockchain technologies into city operations are significant.
Blockchain and cryptocurrencies have the potential to revolutionize how businesses and cities operate. In fact, Web3 could help a city like Austin save money on energy costs, increase transparency and efficiency in city operations, and attract new businesses and investment.
By bringing blockchain and crypto into urban infrastructure and business processes, the right policies can create more efficient, secure, and transparent systems that can benefit everyone. Creating a city-wide digital ID system that uses blockchain and crypto to secure personal data and reduce fraud is another way the tech could be used.
Seeing the positive effects that such a policy could have, if implemented, for Austinites and city government, mayor Adler has proposed two initiatives.
The first one is directed at ensuring and promoting “equity, diversity, accessibility, and inclusion” in the technological ecosystem.
To that end, the mayor has instructed the city’s management to explore how Austin can use Web3 and blockchain in twenty areas ranging from smart contracts, computer science, supply chain management, social enterprises and insurance to arts, media, fundraising, and ID verification.
“The City Manager is tasked with providing support to the city administration in creating an environment within the city and in the community as a whole that supports the creation and development of new technologies, including blockchain and other technologies, protocols, and applications related to Web3,”a City of Austin document says.
Mayor Adler’s second initiative involves the city manager conducting a ‘fact-finding’ study on how Austin would adopt Bitcoin and cryptocurrency-related policies. Adler appears to want to find ways that could lead to Austinites paying their bills with crypto.
Austin is excited to support the businesses and innovations that will turn the promises of Web3, cryptocurrency, and blockchain technology into reality. Thanks to @MK6ATX for her resolution and @RaffiSapire, @consensus2022, @JoshuaBaer, and @PrestonLJ2 for their leadership! #SXSW pic.twitter.com/HdmuGA0l2Y
— Mayor Adler | Get vaccinated! (@MayorAdler) March 11, 2022
As part of this initiative, the city says that the management must find ways to legalize “the acceptance of bitcoin or other cryptocurrencies as payment of municipal taxes, fees, and fines.”
The city council is expected to vote on the proposals on March, 24.
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