Is Austin the Next US Cryptographic Hub?Authorities approve blockchain solution

Innovative cities across the United States are competing to become the next hotspot for cryptocurrency and blockchain adoption. Miami was the first city to adopt a unique part of CityCoins last year and was able to implement its own cryptocurrency called “MiamiCoin” used for civil involvement.

New York City has also taken an educational initiative and made a name for itself as a crypto-friendly city when Mayor Eric Adams received a salary in Bitcoin (BTC) in January this year.

Austin has a strong stance

More recently, Austin, the capital of Texas with the slogan “Keep Austin Weird,” has a keen interest in cryptocurrencies and blockchain technology, but Texas’ desire to lead the way in cryptocurrency innovation. Was established about a year ago.Governor Greg Abbott Tweet As he is a “supporter of cryptocurrency proposals,” the city of Austin has taken additional steps to ensure acceptance of cryptocurrencies for urban services.

On March 9, 2022, Austin City Councilor Mackenzie Kelly issued a resolution instructing the Mayor of Austin to investigate possible uses of cryptocurrencies to benefit Austin and its inhabitants. Adopt Bitcoin and other cryptocurrencies for financial transactions.

Kelly tells Cointelegraph, her resolution will conduct a fact-finding investigation into the city’s managers to determine what the city needs to accept Bitcoin or other cryptocurrency payments into the city’s services. He said he was instructing.

“This is a feasibility study. Currently, we do not have enough information as a member of the council to know if we can accept crypto as a payment for city services. Learn more about this before making a decision. You need to do so, which is the security information you need to check to see if this is feasible or if you can financially maintain the crypto. Whether you can claim it as an asset. I don’t know. This makes it impossible to accept cryptography. As a payment. If there is also financial stability of the entire cryptocurrency and we can accept it in that respect. “

Image from the Austin City Council meeting on March 24, 2022. Source: Austintexas.gov

Questions remain, but Kelly pointed out that Austin has always been a positive and innovative city, with many crypto investors currently living and working in Austin. Kelly added that Austin Mayor Steve Adler is a co-sponsor of her resolution. , Kelly believes that cryptocurrency payments serve as a useful alternative to allow individuals to flexibly pay for specific city services. She elaborated.

“For example, if someone gets a speeding ticket and doesn’t have a bank account but has cryptocurrency, you can use crypto as a payment, or use Bitcoin to pay taxes and electricity bills. Cryptocurrency names if you pay or dedicate the park. This is all part of the analysis to allow the city of Austin to accept crypto payments. “

This certainly has a big impact, as 8% of Texas already owns Bitcoin, and state adoption could reach 14% by the end of the year, according to recent data from Finder.com. May give. In particular, Austin may benefit from cryptocurrencies According to Google data, Austin is ranked number one in Texas for the keywords “bitcoin” and “cryptocurrency”.

All in all, it’s not surprising that Kelly’s resolution was approved at the Austin City Council meeting on March 24th. As the resolution passed, Kelly explained that the next step in approval would take place in mid-June. If the Austin City administrator can determine if the cipher is actually accepted as a payment. It is based on a city survey of financial stability, security, equity, inclusiveness, and consumer interests or risks.

In addition to Kelly’s resolution, Adler’s resolution focusing on blockchain technology was also passed in Austin’s March 24, 2022 working session. During the meeting, city council member Sabino Renteria began to consider the use of blockchain four years ago, and the city’s homeless people will always keep track of their personal records. “The concept was what if we could use blockchain technology to give people ownership and access to all records,” he said. Outlook about what you can do with blockchain. “

Both resolutions are innovative, but some Austin city council members expressed concern during the meeting. Congressman Leslie Poole said her biggest concern about the implementation of the blockchain was the “lack of central authority.”

“There is potential for fraudulent and fraudulent opening prevention, but that’s it. It’s a digital ledger. So this and the city may have its own use to promote its use, but at the moment, compare Recently. When entering the data storage and other digital fields, I am very cautious about adopting or using it by cities. Before making a decision to adopt these items, the Treasury office I would love to hear from our staff or experts in these technologies. “

Regarding the proposed cryptocurrency resolution, a pool of council members added:

“I continue to believe that cryptocurrencies are very volatile and are a type of currency that puts taxpayers’ dollars and employee retirement at risk. Cryptocurrencies are not regulated. Not only is it unprotected, but there are elements of the game involved here. THat really leaves me uneasy. Cryptocurrency as a form of payment or investment is in protecting the income of the community. It is inconsistent with the role of the local government. “

Austin moves forward despite concerns

Concerns aside, Austin residents remain positive about the city’s cryptocurrency and blockchain innovations. For example, Jesse Paterson, chairman of the Board of Education of ATX DAO, a decentralized autonomous organization (DAO) agnostic to Austin’s chain, told Cointelegraph that the purpose of the organization was to educate city council members about the impact of recently passed resolutions. Acting as a local resource to support the population:

“Some ATXDAO members were in the city hall in support of the resolution, but we’re still paying attention because we’re still in the early stages of cryptography, so we understand the space before jumping into the project. It takes time to do. “

Ryan Harvey, ATX DAO community manager and longtime resident of Austin, is still on a fact-finding mission, based on the wording of both councilor Kelly’s crypto resolution and Adler’s blockchain resolution. He added that it was clear. This is a positive step in the right direction.

“New information is always good, but beyond finding the facts, both resolutions show that Austin is open to the business and encourages innovation. This is great.”

At the council meeting on March 24, Harvey took a few minutes to share his thoughts with city council members. He states: It will be a reference point. “

ATX DAO Community Manager Ryan Harvey commented at a city council meeting on March 24th. Source: Austintexas.gov

In addition to the efforts of ATX DAO, other Austins are creating initiatives using cryptography and Web3 elements to give back to the community. City Magic, for example, is a project aimed at bringing the Austin community together through grants in the form of non-fungible tokens. (NFT).

CityMagic founder Raffi Sapire told Cointelegraph that the project will grant $ 1,000 to people in the Austin community who want to create friendly spaces and events for the involvement of neighbors and citizens. .. It also helps build a bridge for those who have never manipulated tokens before. The grant is an NFT and the cost of joining the committee is equivalent to one grant that helps citizens get involved. “

Recently Adler Proven His support for Austin’s entrepreneurs and businesses with a focus on Sapire and other blockchains on Twitter “Austin is excited to support businesses and innovations that fulfill the promises of Web3, cryptocurrencies and blockchain technology.”

In addition, Austin may soon join the ranks of Miami and New York City by implementing its own CityCoin. Members of the CityCoin community talked about how this works in a presentation at ETH Austin, a two-day event in South. For community members, CityCoins’ primary goal is to work with the City of Austin to help officials such as Mayor Adler and Council member Kelly better understand how Austin’s own cryptocurrencies are successful. I shared it with. Do it just before you start something. Ideally, I would like to announce this during the consensus 2022 scheduled for June 9th. “

CityCoins Community Members to Present at ETH Austin Photo Source: Rachel Wolfson

When asked about CityCoin implemented in Austin, Kelly said: “”