Austin took a step towards bitcoin acceptance. Austin council approves a plan to examine the possibility of accepting tax payments in bitcoin. The city Manager will investigate legality, potential to “improve” public services, and impact on the economy. The deadline for this “fact-finding investigation” is June 16.
Austin took a step toward bitcoin acceptance
Crypto cities and CityCoins are on the rise in the United States, and Austin, Texas’s capital city, isn’t far behind in adopting Bitcoin and other cryptocurrencies.
Austin took a step toward bitcoin acceptance. on Thursday the city councilors approved a plan to examine the possibility of accepting tax payments in “bitcoin or other cryptocurrencies” in the 1 million-person metropolis.
According to a draught of Resolution 55, Austin’s powerful City Manager will investigate the change’s legality, the potential to “improve” public services, influence on the economy and environment, and “study of the financial stability and security of bitcoin.” The deadline for this “fact-finding investigation” is June 16.
“My support for this does not” imply that accepting bitcoin payments is a good or terrible idea for the municipality, according to council member Anna Kitchen, who stressed that the proposal was “for analysis, not for action.” her support was shared by a handful of other council members.
After a meeting with 25 mayors on March 18, Mayor Steve Adler tweeted, “Everyone is searching for innovative solutions to manage municipal difficulties, and this may be one option we look to in Austin.”
The use of cryptocurrencies has begun to gain popularity in various parts of the country. According to Bloomberg, the mayor of Miami wants to promote its use and has said that some government employees would be paid in digital money.
Cities that are becoming more “crypto-friendly”
Several US cities are becoming Bitcoin hotspots. Coinbase and Kraken, for example, are situated in San Francisco, and Bitcoin is accepted by over 100 restaurants, bars, hotels, and businesses. The Bay Area’s innovation hub is home to over 480 Bitcoin ATMs, according to Coin ATM Radar.
Miami and New York have set the bar high by launching their own CityCoins, dubbed MiamiCoin and NewYorkCoin, respectively (NYC). The mayor of New York City, Eric Adams, was paid in Bitcoin for his first three salaries.
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