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Thursday, October 6, 2022

Probability Of Austin To Become The Next Crypto Hub

The City of Austin has become the new hot spot of the U.S.’s crypto industry and this position was achieved as they passed two new resolutions which are entirely targeted at the innovation of blockchain and cryptocurrency. All the cities of America that are innovative are trying to fight against each other to become the next hot spot for blockchain adoption and cryptocurrency. 

Austin Got The Permission For Blockchain Resolutions

Miami is the first city that adopted its own CityCoins in 2021 and that allowed Miami to utilize its own currency. These cryptocurrencies are known as MiamiCoin and are utilized for civic engagement. Moreover, New York has also started initiatives related to education by joining hands with Mayor Eric Adams showing that the city is crypto-friendly. Eric for the first time, got his paycheck in BTC this January. 

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In recent times, Austin which is the capital of Texas is showing a great deal of interest in blockchain technology and cryptocurrency. Texas was already following the way toward new innovations in the world of crypto after Greg Abbot, the Governor, started advocating proposals for crypto law. In addition to this, Austin is also utilizing other measures which ensure that people accept cryptocurrency soon. 

Mackenzie Kelly, the city council member of Austin proposed a resolution on 9th March where he orders the manager of the city to find cryptocurrency cases that will help the city and its residents. He wanted the manager to evaluate the situation and make a report on how people will adopt BTC and other cryptocurrencies when they are executing a financial transaction.

As per data from Finder.com, the Texan population already own 8% of Bitcoin and the new adoption by the state can increase it by 14% this year. Austin can do well regarding cryptocurrency as data from Google portrayed that the majority of the population have searched for words like ‘Bitcoin’ and ‘crypto’.

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