Seems to be Austin The very next cryptocurrency hotspot in the United States Blockchain decisions are approved by the authorities

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  • This could have a significant influence, as recent data from Finder.com indicated that 8% of Texans now hold Bitcoin, with adoption expected to reach 14% by the end of the year.
  • Despite the unanswered questions, Kelly said Austin has always been a forward-thinking and innovative city, noting that many bitcoin investors now live and work in the city.
  • This is more of a proof of concept. As council members, we currently lack sufficient information to determine whether or not we can accept cryptocurrency as payment for city services.

By passing two resolutions focused on cryptocurrency and blockchain innovation, the city of Austin is preparing to become America’s next crypto hotspot. Cities across the United States are competing to be the next hotspot for cryptocurrency and blockchain adoption. Last year, Miami became the first city to accept its own section of CityCoins, allowing it to launch its own cryptocurrency, MiamiCoin, for civic engagement.

Austin has a firm stance on the matter

New York City has also established a reputation as a crypto-friendly city, sponsoring educational activities and paying Mayor Eric Adams in Bitcoin (BTC) in January of this year. Recently, Austin, the state capital of Texas, has taken a keen interest in cryptocurrencies and blockchain technologies, under the slogan Keep Austin Weird. While Governor Greg Abbot’s drive to lead the way in crypto innovation was established about a year ago when he tweeted that he was a supporter of the proposed Crypto Bill, the city of ‘Austin has gone above and beyond to ensure cryptocurrency is accepted for city services.

Austin City Council member Mackenzie Kelly introduced a resolution on March 9, 2022, directing the Austin City Manager to investigate potential uses of cryptocurrencies to benefit Austin and its residents. The resolution specifically requests that the city manager consider how Bitcoin and other cryptocurrencies might be used in the city. According to Kelly, its resolution directs the city manager to conduct a factual study to identify what would be required for the city to accept payments in Bitcoin or other cryptocurrencies for city services:

This is more of a proof of concept. As council members, we currently lack sufficient information to determine whether or not we can accept cryptocurrency as payment for city services. Before we can make a decision, we need to know more about it. In doing so, we’ll have to look at the security data to see if it’s really doable and if we can financially keep crypto on our books. We don’t know if we can charge it as an asset, which would prevent us from accepting cryptocurrency as payment.

Despite the unanswered questions, Kelly said Austin has always been a forward-thinking and innovative city, noting that many bitcoin investors now live and work in the city. Austin Mayor Steve Adler is a co-sponsor of Kelly’s resolution, she said. Kelly believes that bitcoin payments will be a useful alternative for individuals to freely pay for certain local services through this support. She went on to say:

Bitcoin is also now owned by 8% of Texans

For example, if someone gets a speeding ticket but doesn’t have a bank account, they can pay with cryptocurrency. Or if they wanted to use Bitcoin to pay their taxes or utility bills, or to dedicate a park in their honor. This is all part of the search to enable the city of Austin to accept cryptocurrency payments.

This could have a significant influence, as recent data from Finder.com indicated that 8% of Texans now hold Bitcoin, with adoption expected to reach 14% by the end of the year. Austin, in particular, could benefit from cryptocurrency payments for city services, as Google data shows Austin is the most searched city in Texas for the terms bitcoin and crypto.

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Steve Anderson
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