All indications point toward Austin being among the most advanced cities in the United States in adopting and using cryptocurrencies. There are many positive indicators and few obstacles that point to the possibility of Austin becoming the newest US crypto hub.
The fact that other cities within the United States, such as Miami and New York, have succeeded in using crypto for payment of services attests to its potential. In these two cities, crypto is being used to pay fees, taxes, and employees’ salaries. By studying how the system has worked in other cities, it will be possible to replicate it elsewhere with comparable success.
Austin — probably in the bid to keep up with its slogan “Keep Austin Weird” — is on the path to becoming a cryptocurrency and blockchain technology hub.
#Acceptance by the City Council
Having realized the potential of using crypto, the city council of Texas is looking into how crypto can be adopted as a means of payment for the services. The city management is optimistic about the use of crypto, and its adoption awaits the outcomes of a fact-finding study that has already been initiated.
The greatest obstacle to adopting crypto in many jurisdictions has been resistance from authorities. In such cases, it becomes impossible for the process to be initiated or for supporting policies to be formulated to guide the adoption of the digital currency.
In the case of Austin, the process has been initiated by the authorities, who are keen on ensuring its success. The City Council of Austin recognizes that the city is globally known as a leader in technology and innovation, and they would like to maintain the title through the adoption of crypto.
#Support by Leaders
The mayor of Austin has mainly been vocal in supporting the use of crypto in the city. He has openly said that he would support any law in favor of crypto. In a tweet, Austin’s mayor confirmed his support for crypto. “Austin is excited to support the businesses and innovations that will turn the promises of Web3, cryptocurrency, and blockchain technology into reality”.
#Formulation of Resolution 55
The formulation of resolution 55 to look into ways through which the city can adopt cryptocurrency for the payments of the various services is a key boost for Austin to become a crypto hub.
The resolution directs the city mayor to initiate a fact-finding study that seeks to achieve the following four objectives:
- To look at how Bitcoin and other cryptocurrencies can be adopted and accepted as a payment method for taxes, penalties, and fees in the city of Austin.
- To examine other possible applications of Bitcoin and other cryptocurrencies that could benefit Austin City in its mandate to offer public services to the residents.
- To examine all the issues relevant to the application of cryptocurrency in the city. These issues include equity and inclusion, financial stability, security, environmental impacts, risks, and customer benefits.
- To evaluate how the applicable federal, state, and local laws are likely to impact the implementation of cryptocurrency in Austin.
The efforts by the City of Austin are an indication of its commitment to the adoption of cryptocurrencies. There is a high possibility that the fact-finding study will come up with recommendations that will lead to the adoption of cryptocurrency in the city.
It’s evident that more and more cities and countries around the world recognize that cryptocurrency is the future. Don’t hesitate to jump on this train of thought before it’s too late to adapt.
Stay in touch with the world of cryptocurrencies through our Medium blog. For purchasing, keeping safe and trading your digital assets, Your Friendly Crypto Exchange has everything you need. Register now on IXFI to discover a whole new world of performance.
Disclaimer: The content of this article is not investment advice and does not constitute an offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial and fiscal circumstances.
Although the material contained in this article was prepared based on information from public and private sources that IXFI believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and IXFI expressly disclaims any liability for the accuracy and completeness of the information contained in this article.
Investment involves risk; any ideas or strategies discussed herein should therefore not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal financial and fiscal objectives, needs and risk tolerance. IXFI expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.