The state’s one of the fastest-growing city will investigate policy options for accepting Bitcoin as a transaction option and integrating other Web3 applications to enhance citizens’ lifestyles.
As digital currency emerges massive at this year’s come back of South by Southwest, Austin city officials are engaged in allowing individuals to pay with virtual currency.
Governor Steve Adler of Austin, Texas, has proposed two new proposals in response to the exploration of what blockchain technology and digital money transactions can bring to Austin.
The first proposal aims to assure people that Texas’ one of the largest city enhances blockchain technology’s perks and enhances ownership, uniqueness, accessibility, and participation in the technological ecosystem. May Adler instructed the City Manager to look into how the city can use Web3 and blockchain in 20 various areas, including smart contracts, supply chain management (SCM), and health coverage, as well as arts, media, raising funds, and identity verification.
The City Manager is charged with ensuring that the city contributes to the development of an ecosystem within city government and in the community at large that encourages the formation and development of new innovations, such as blockchain and other innovations related to Web3, protocols, and applications.
Kelly’s decision would require the city manager to initiate fact-finding research in order to develop guidelines allowing the city of Austin to embrace Bitcoin and numerous different cryptocurrencies as payment for city taxes, expenses, and fines.
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As the first set of guidelines to look into under this proposal, the City Manager should discover methods to enable the acknowledgment of Bitcoin or other virtual currencies as payment for city taxes, expenses, and fines.
The impact of new implementations on the daily lives of Austin citizens will determine the achievement of the two proposals. The city council will elect on the initiatives on March 24.
Since at least 2020, when a proposal to employ smart contracts for the MyPass identity authentication protocol was created, Austin’s City Council has been exploring blockchain technological implementations.
Adler’s initiative would encourage the development of blockchain technologies that could be used in a variety of city facilities and functions, such as transaction handling, smart contracts, raising funds, and the arts and music.
At a press conference on Thursday, the mayor and Kelly were welcomed by representatives of the tech industry to emphasize Austin’s attempts to compete in the developing digital world.
Austin is joining Miami, New York City, and the state of Colorado in widening cryptocurrency expansion initiatives and proposed policy implementation. City Coin on the Stacks layer-1 blockchain has already introduced city-wide coin developments in Miami and New York, while Austin’s program is still in the works.
The city of Philadelphia has conveyed interest in entering the City Coins program, and Colorado Chief Jared Polis said in a February 15 interview that the state will accept cryptocurrency for state tax-related activities. He expects to accept cryptocurrency for a broader range of state government services in the future.
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