Business

Mayor of Austin Accepts Cryptocurrency Payments and Web3 Technology

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Mayor Steve Adler of Austin, Texas, has fully embraced the exploration of what blockchain technology and cryptocurrency payments can bring to his city by proposing two new initiatives.

The first initiative to ensure that Texas’ fourth-largest city promotes the benefits of blockchain technology and “promotes equity, diversity, accessibility, and inclusion” in the tech ecosystem. To that end, May Adler directed the City Manager to explore how cities can use Web3 and blockchain in 20 areas ranging from smart contracts, supply chain management and insurance to the arts. , communication, fundraising and identity verification.

“The City Manager is directed to ensure the City is helping to create an environment within the city government and in the community at large that supports the creation and development of new technologies, including but not limited to blockchain and other Web3-related technologies, protocols, and applications.”

Mayor of Adler’s Monday the initiative ordered the City Manager to conduct a “fact-finding study” on how the city could adopt Bitcoin (BTC) and cryptocurrency-related policies. Through these efforts, Mayor Adler appears to be looking to find a way for Austin residents to legally pay their bills with cryptocurrency.

Under this initiative, the City Manager should seek to allow “the acceptance of Bitcoin or other cryptocurrencies as payment for the city’s taxes, fees and penalties” as the first set of policies. need to be considered.

The success of the two initiatives will be based on how much impact the new apps have on the daily lives of Austin residents. The proposals will be voted on by the city council on March 24.

Austin’s City Council has been considering blockchain technology integration since at least 2020 when a proposal was made to use smart contracts for My Password identity verification protocol.

Austin is partnering with Miami, New York City, and the state of Colorado in rapidly expanding exploration efforts and proposing implementation of cryptocurrency-related policies. Miami and New York had launching their own citywide coin projects via City Coin on Stacks’ layer 1 blockchain, while Austin’s own program is still in development.

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Philadelphia has expressed interest in participating program City Coins, while the Governor of Colorado, Jared Polis, said in a February 15 interview that states will accept cryptocurrencies for “state tax purposes.” He then hopes to accept cryptocurrency for a range of state government services.