Cryptocurrency’s place in Austin will be determined at the Austin City Council’s March 24 meeting, with Mayor Steve Adler an adamant supporter.
Councilmembers will vote on a resolution that will allow the Texas state capital to explore the benefits of blockchain technology and crypto payments.
“Austin is excited to support the businesses and innovations that will turn the promises of Web3, cryptocurrency and blockchain technology into reality,” Adler said in a Tweet.
Fox News reported that the two-fold resolution was introduced by Councilwoman Mackenzie Kelly, the lone Republican on the horseshoe.
One initiative looks to make sure Austin promotes the benefits of blockchain technologies, as well as sees to it that everyone has an opportunity to access and enjoy those benefits.
Another instructs the city manager to study ways the city could adopt Bitcoin and cryptocurrency-related policies.
Kelly told Fox News that the city acknowledges the concerns tied to cryptocurrency.
“Volatility and price swings may prohibit us from being able to utilize it as a form of payment,” the councilwoman said, according to the network.
Kelly said that potential state or federal laws may prevent the full acceptance of cryptocurrency, but is pleased Austin is giving it a shot through her resolution, which Adler supports.
The city’s intentions of exploring the use of cryptocurrencies were made known just as South by Southwest returned as an in-person event after a two-year COVID-19 related hiatus.
“[I’m] really excited that we launched this at the same time South by Southwest is starting here in the city of Austin,” Kelly told Fox News.
Other U.S. cities mulling the possibility of integrating cryptocurrency are New York City, Philadelphia and Miami.
The State of Colorado is the only one in the Union that takes crypto for “state tax-related purposes,” according to the website Cointelegraph.
