Austin Mayor Proposes Fresh Initiative In Support Of Crypto Payment And Web3 Tech

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Austin, the second-fastest-growing Texan city will go into policy options to integrate BTC payments and various other applications on the Web3. On that account, Steve Adler, the mayor has embraced a set of initiatives towards furthering crypto payments and blockchain technology.

While the initial initiative is aimed at ensuring that the advantages of blockchain technology are promoted in Austin. He added that they would foster an atmosphere of equity, accessibility, diversity, and initiate presence in the arena of such frontier technology.

The Initiative By The Austin Mayor Includes Ways To Ensure The Advantage Of Web3 And Adopting It For The City

The second initiative by the mayor of Austin has instructed the City Manager to conduct a study on ways they can adopt Bitcoin and other crypto-linked policies. The mayor said that the study should explore 20 fields, ranging from supply chain management, insurance, smart contract, media, arts, identity verification, and fundraising.

In his statement, the Austin mayor said that the Manager has been directed to generate an ecosystem within the community and the government of Austin to support the creation of the frontier technologies that should not be limited to blockchain or Web3 related protocols, applications, and technologies.

The mayor further said that there was excitement at the opportunity to support innovations and options that could convert the promises of cryptocurrency, blockchain technology, and Web3 into reality.

The first step of policies in this initiative will be for managers to accept crypto payments for fees, taxes, and penalties. The City Council has been allowing for the integration of blockchain technology since 2020. A suggestion was then made to utilize a smart contract for the MyPass ID verification procedure.

Austin has NYC, Miami, and Colorado for company in embracing this rapidly expanding technology and implementing it in various fields.