that Austin ranks at the number one city in Texas that searches for the keywords “Bitcoin” and “crypto.”during Austin’s city council meeting that took place on March 24. Now that the resolution has passed, Kelly explained that the next step for approval will occur in mid-June when the Austin city manager can determine if crypto can indeed be accepted as payment. This will be based on the city’s research regarding financial stability, security, equity and inclusion and consumer benefits or risks.
In addition to Kelly’s resolution, Adler’s resolution focusing on blockchain technology was also passed during Austin’s March 24, 2022 working session. During the meeting, city council member Sabino Renteria explained that Austin started exploring the use of blockchain four years ago tothat the city’s homeless population would have control of their personal records at all times.
While both resolutions are innovative, some Austin city council members expressed concerns during the meeting. Councilmember Leslie Poolthat her single biggest concern regarding blockchain implementation is its “lack of a central authority.” She added: “It may be tamper evident and tamper resistant, but that is all that it is. It’s a digital ledger. So there may be some unique uses for this or for the city to promote its use, but at this point, given its relatively recent entry into data storage or other digital arenas, I’m really cautious relating to the city diving into adopting or using it. I very much want to hear from our financial office staff or experts on these technologies before taking decisions to adopt these items.
“Some ATX DAO members were at city hall showing our support for the resolutions, yet we still lent some caution because we are still in the early days of crypto. Therefore, it takes time to understand the space before diving into projects.”
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Whichever city, it is unlikely to be as hot as those in countries like ElSalvador and Switzerland that are supporting crypto and providing regulatory clarity. The US may find all the confusion and legal complexity hinders crypto development.
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