Austin’s mayor is a supporter of Web3 and cryptocurrency payment methods. According to a press release, a city in Texas that is the second-fastest growing in the state will investigate Bitcoin and other Web3 applications.
Austin, Texas, Mayor Steve Adler has proposed two new initiatives to investigate the potential of blockchain technology and cryptocurrency payments in his city.
There are two major initiatives in Austin, Texas’ fourth-largest city, aimed at promoting blockchain technologies and “promoting equity, diversity, accessibility, and inclusion” in the technological ecosystem.
Smart contracts, supply chain management, insurance, the arts, and crowdfunding are just a few of the 20 applications for Web3 and blockchain. In this regard, May Adler instructed the city manager.
“The city is expected to assist in the creation of a community-wide environment that encourages the development of new technologies, including but not limited to blockchains and other Web3-related technologies,” according to a directive from the City Manager.
The city manager is directed by Mayor Adler’s second initiative to conduct a “fact-finding study” on how to implement Bitcoin (BTC) and cryptocurrency-related policies in the city.
Austin residents can now legally pay their bills using cryptocurrency, as Mayor Adler intends.
As part of the initial policy framework for this initiative, the city manager should look into ways to allow “the acceptance of Bitcoin or other cryptocurrencies as payment for municipal taxes, fees, and penalties.”
The Proposals Will Be Voted On By The City Council On March 24.
The impact of new applications on the daily lives of Austin residents will determine the success of the two initiatives..
Austin’s City Council has been considering incorporating blockchain technology into the MyPass identity verification protocol as early as 2020.
Austin has joined forces with Miami, New York City, and Colorado to keep up with the rapid expansion of cryptocurrency exploration efforts and proposed policy implementation.
Cities such as Miami and New York have already begun to use the Stacks layer-1 blockchain to implement city-wide coin programs, but Austin has yet to do so.
“The state will accept cryptocurrency for “state tax-related purposes.”
Colorado Governor Jared Polis stated in a February 15 interview that the state will accept cryptocurrency for “state tax-related purposes.”
The City Coins program has piqued the interest of Philadelphia. He anticipates that in the future, a broader range of state government services will accept cryptocurrency.