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Austin has passed two resolutions on cryptocurrency and blockchain technology

The Austin City Council has passed two crypto assets and blockchain technology resolutions.

The first is a non-binding resolution that encourages the state of Texas to investigate how crypto assets and blockchain technology may be implemented in the state. Under the second resolution, the city must employ blockchain technology for some city activities, which is a legally obligatory step. According to an official document, the entire report on the preliminary research is anticipated in June 2022.

The council overwhelmingly passed the crypto and blockchain resolutions, putting the city on track to become another crypto-friendly location as U.S. cities like Miami and New York join the blockchain wave.

For example, Governor Greg Abbott of Texas has stated publicly that he supports a crypto legislation proposal and would completely support any policy that encourages the city to embrace cryptocurrency. The resolution’s author, Mackenzie Kelly, stated that the document would enable the city to conduct a fact-finding investigation to assess the prerequisites for accepting Bitcoin and other cryptocurrencies as payment for public services.

According to Kelly, Austin has always taken a forward-thinking approach to emerge technology like blockchain networks and cryptocurrencies. According to the legislator, Austin’s own Mayor, Steve Adler, is a co-sponsor of the resolution she initially sponsored. Austin is likely to become another hotspot of crypto innovation and acceptance for the United States, thanks to the assistance of leaders who make the crypto resolutions appear entirely reasonable.

According to industry estimates, approximately 8% of Texas citizens possess Bitcoin and other cryptocurrencies. According to municipal council predictions, this adoption rate might reach 14% by Q4 2022. The crypto resolutions are a powerful show of support for digital assets and the underlying technology by local councilors and executives. The action might lead to more crypto-friendly regulations in Texas and assist the city in becoming a blockchain innovation leader.

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