The state’s second-fastest-growing city will begin examining policy options for accepting Bitcoin as a payment method. It incorporates other Web3 apps to make life easier for residents.
The Mayor of Austin, Texas, is Steve Adler. By proposing two new initiatives, he has completely adopted the discovery of what blockchain technology and crypto payments may bring to his city.
The Initiatives of the Project
The first project aims to ensure that the benefits of blockchain technologies promotes in Texas’ fourth-largest city. Promote fairness, diversity, accessibility, and inclusion in the technological ecosystem at the same time.
Furthermore, Adler asked the City Manager to look into how the city can use Web3 and blockchain in 20 different industries. Smart contracts, supply chain management, and insurance are just a few examples. It also includes the arts, media, fundraising, and identity verification. This comprises blockchain and other Web3-related technologies, protocols, and apps, among others.
The city manager needs to undergo a fact-finding research on how the city could adopt Bitcoin (BTC). It goes well with cryptocurrency-related policies. This accords to Mayor Adler’s second initiative. Through these efforts, Adler appears to make it legal for Austin residents to pay their bills with cryptocurrencies.
Indeed, Austin is ecstatic to support the firms and technologies that will make Web3, bitcoin, and blockchain technology’s promises a reality, he added. He thanks the leadership of those who spearheaded the project.
Furthermore, the City Manager should identify ways to accept Bitcoin or other cryptocurrencies as payment for municipal taxes, fees, and penalties under this proposal. This is the first group of policies to investigate.
The success of the two projects will determine by the impact of creative apps on the daily lives of Austin residents. The plans will vote on by the city council on March 24.
Blockchain Integration Consideration
Since at least 2020, Austin’s City Council has been considering blockchain technology integrations. When a proposal to employ smart contracts for the MyPass identity verification protocol was made, this happened.
On the other hand, Austin is collaborating with Miami, New York City, and the state of Colorado to boost exploratory activities quickly. They advocated for the establishment of cryptocurrency policies.
Through the Stacks layer-1 blockchain, Miami and New York have already started their own city-wide coin projects. Austin, on the other hand, is still working on its own program.
Additionally, the city of Philadelphia has expressed interest in participating in the City Coins program. Colorado Governor Jared Polis, on the other hand, has stated that the state will accept cryptocurrency for tax purposes. In the future, he hopes to accept cryptocurrencies for a greater range of state government services.
