Sunday, October 2, 2022
HomeLaw & PoliticsMayor of Austin support Web3 technology and cryptocurrency payments

Mayor of Austin support Web3 technology and cryptocurrency payments

Mayor Steve Adler of Austin, Texas, has suggested two new proposals in reaction to the discovery of what blockchain technology and crypto payments may provide to his town.

The first effort is to assure that Texas’ fourth-largest city promotes blockchain technology’s advantages and “promotes equity, diversity, accessibility, and inclusion” in the technical environment.

Adler asked the City Manager to look into how the town can use Web3 and blockchain in 20 different areas, including smart contracts, supply chain management, insurance, fundraising, and identity verification.

As the first set of regulations to look into under this program, the City Manager should investigate ways to allow “the acceptance of Bitcoin or other cryptocurrencies as payment for municipal taxes, fees, and penalties.”

The impact of innovative applications on the daily lives of Austin citizens will determine the success of the two programs. 

When a proposal to utilize smart contracts for the MyPass identity verification protocol was submitted, Austin’s City Council has been exploring blockchain technological integrations.

Austin is uniting with  Miami, New York City, and the state of Colorado is growing fast and planned policy adoption. Town Currency on the Stacks layer-1 blockchain has already launched city-wide coin projects in Miami and New York, while Austin’s program is still in the works.

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