- Austin may become the latest city to accept bitcoin for municipal payments
- Mayor Steve Adler yesterday published two initiatives to investigate the benefits of blockchain technologies
- Texas senator Ted Cruz has overseen a crypto mining boom in the state
The city of Austin, Texas, has become the third city in the U.S. to investigate accepting bitcoin and other cryptocurrencies as payment for costs. Texas has emerged as the winner of China’s Bitcoin mining ban and become the new home to the activity, and it seems that its capital city wants to capitalize on this by encouraging cryptocurrency usage at a formal level. Mayor Steve Adler yesterday proposed two initiatives that he hopes will encourage the adoption of blockchain technology and cryptocurrencies, adding that the technology “promotes equity, diversity, accessibility, and inclusion” in the technological ecosystem.
Austin is excited to support the businesses and innovations that will turn the promises of Web3, cryptocurrency, and blockchain technology into reality. Thanks to @MK6ATX for her resolution and @RaffiSapire, @consensus2022, @JoshuaBaer, and @PrestonLJ2 for their leadership! #SXSW pic.twitter.com/HdmuGA0l2Y
— Mayor Adler | Get vaccinated! (@MayorAdler) March 11, 2022
Texas Has Become a Crypto Mining Hub
Texas has become home to a number of cryptocurrency mining operations in recent years, with China’s recent exodus only increasing their presence. It is no surprise therefore that state senator Ted Cruz has jumped on board the bandwagon at the same time, defending the cryptocurrency movement with a sudden vigor not previously seen.
This positivity has now spread to the city of Austin, with Mayor Adler posting two initiatives to boost cryptocurrency and blockchain adoption in the city. The first calls for the City Manager, Spencer Cronk, to explore ways in which blockchain and Web 3.0 technologies can be used to benefit the city:
The City Manager is directed to ensure the City is helping to create an environment within city government and in the community generally that supports the creation and development of new technologies, including without limitation blockchain and other Web3 related technologies, protocols, and applications.
Austin Looks to Emulate Miami and New York
The second initiative asks Cronk to carry out a “fact-finding study” on “the acceptance of Bitcoin or other cryptocurrencies as payment for municipal taxes, fees, and penalties.” This request comes in the wake of Miami mayor Francis Suarez getting the city to accept bitcoin for such payments last year, while New York’s pro-crypto mayor Eric Adams has also suggested he may follow suit.