Recently Mayor Steve Adler and Council Member Mackenzie Kelly have made a resolution, asking the City Manager to “conduct a fact-finding study regarding potential Bitcoin or other cryptocurrency policies that might be adopted by the City of Austin”. Furthermore “the City Manager shall include in the fact-finding study an analysis of what would be required for the City to accept a donation of Bitcoin or other cryptocurrency and possible ways for the City to use those funds to address public service needs as well as an analysis of the financial stability and security of cryptocurrency.” Another resolution was also made “to ensure the City is helping to create an environment within city government and in the community generally that supports the creation and development of new technologies, including without limitation blockchain and other Web3 related technologies, protocols, and applications.”
On March 11, 2022, Mayor Adler tweeted that “Austin is excited to support the businesses and innovations that will turn the promises of Web3, cryptocurrency, and blockchain technology into reality.”
Already in 2020 the Austin’s City Council had proposed to use smart contracts for the MyPass identity verification protocol. Also in a recent interview conducted by CNBC, Mayor Adler exposed his vision on cryptocurrencies, the applications they can have in the administration of a city and how they can improve the services rendered to the citizens.
Austin is the third city in the United States after Miami and New York City to acquire its Citycoin, AustinCoin, that gives citizens and supporters the power to improve and program Austin.
AustinCoin supports Austin while rewarding holders through the Stacks Protocol. The community mines to create AustinCoin, stackers receive the STX spent to mine AustinCoin and Austin’s donation grow. 30% of mining rewards are sent (in STX) to a custodied reserve wallet for the city of Austin, while the city can claim this and convert their STX to USD whenever they want.
Austin hosts Consensus, the blockchain conference curated and produced by CoinDesk that has welcomed many people since 2015. There are debates, interviews and seminars on crypto, blockchain, DeFi, NFTs, Finance, Investing, Web3 and the metaverse every year.
A winner is a dreamer who never gives up.
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Disclaimer: Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives and your level of experience. Do Your Own Research. All opinions expressed here are owned by the respective writer and should never be considered as financial advice in any form.
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