Texas Exploring Ways to Accept Bitcoin As Payment Option

Vinod Dsouza
austin texas
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The Mayor of Austin, Texas, Steve Adler is exploring ways to accept Bitcoin as a payment method. Adler firmly believes that blockchain technology and crypto payments can change the fortunes of the city and bring in two new initiatives. The first initiative establishes Austin to promote the blockchain tech that equates to “equity, diversity, accessibility, and inclusion,” in the financial ecosystem.

Adler’s second initiative instructs the City Manager to conduct a “fact-finding study” based on research on how Austin can adopt Bitcoin. The study will also be extended to other cryptocurrency and blockchain tech-related policies. These efforts from Adler might find ways for Austin residents to pay their bills with cryptocurrencies.

The two proposals will be voted on by the city’s council on March 24. If the two initiatives are successful, it could make Austin a hub for businesses that thrive on cryptocurrencies.

The move will also help businesses legally adopt cryptos as payments and find new ways to increase their revenues. In addition, this will also open the doors for newer businesses to explore the new financial module for their benefit.

“The City Manager is directed to ensure the City is helping to create an environment within city government and in the community generally that supports the creation and development of new technologies, including without limitation blockchain and other Web3 related technologies, protocols, and applications,” read a statement from Adler’s office.

Austin is in league with New York, Miami, and Colorado in an effort to expand its footprint in blockchain technology. Philadelphia is also looking into considering cryptos as a payment option.

Governments Waking up to Bitcoin and Cryptocurrencies

Governments around the world are waking up to the prospects of Bitcoin and other cryptocurrencies. U.S President Joe Biden recently issues an executive order on cryptos.

Moreover, the executive order is seen as being neutral towards the growth of digital currencies as the plans to regulate do not seem to set the stage for a ban. In addition, Biden’s order asked federal agencies to develop responses to the developing cryptocurrency technologies.