The City of Austin gears up to become America’s next crypto hot spot by passing two resolutions focused on cryptocurrency and blockchain innovation.
First, the City of Austin passed a resolution that “encourages Austin to become a global leader in the blockchain and cryptocurrency movement by encouraging the City Council to encourage the City of Austin and the City of San Antonio to adopt similar resolutions, and to urge the State of Texas to enact similar legislation.”
Then, this week the City of Austin passed another resolution that is focused on Bitcoin and other cryptocurrencies by passing a resolution that states that the City of Austin “encourages all.
Austin takes a strong stance
Austin has long been a hub for technology and innovation in the United States. It has been a vocal supporter of the cryptocurrency and blockchain technology, and the University of Texas at Austin has been a pioneer in the development of the blockchain industry.
The UT Blockchain Research Initiative (UTBRI) was created to explore how blockchain technology can be used to transform the way we interact with each other, and to explore the potential of blockchain technology.
On March 9, 2022, Austin city council member Mackenzie Kelly put forth a resolution to direct the Austin city manager to explore possible use cases of cryptocurrency to benefit Austin and its residents.
The resolution specifically asks for the city manager to examine how the city could adopt Bitcoin and other cryptocurrencies for financial transactions.
Austin pushes forward, despite concerns
The new crypto hub could be the next Austin, Texas. As the city’s tech sector continues to grow, it is attracting more and more young, ambitious professionals. One of the most viable reasons for relocating here is the lack of restrictions that are often found in other cities.
In 2017, there are already more than 30 blockchain start-ups in Austin. From start-ups like TrueUSD to blockchain-backed crowdfunding platform Bitswift, this city is on the cusp of a revolutionary technology boom.
It is the first time the city has hosted a crypto hub, and it has been a successful experiment, given the numbers of start-ups that have already taken root.
Conclusion
The new crypto hub could be the next Austin, Texas. As the city’s tech sector continues to grow, it is attracting more and more young, ambitious professionals. One of the most viable reasons for relocating here is the lack of restrictions that are often found in other cities.
In 2017, there are already more than 30 blockchain start-ups in Austin. From start-ups like TrueUSD to blockchain-backed crowdfunding platform Bitswift, this city is on the cusp of a revolutionary technology boom.
It is the first time the city has hosted a crypto hub, and it has been a successful experiment, given the numbers of start-ups that have already taken root.
