The City of Austin approves the “investigation study” for the payment of taxes in Bitcoin and cryptocurrencies.
Ten days ago we reported that the mayor of Austin, Steve Adler, had presented proposals for the fourth largest city in Texas, USA, to analyze the acceptance of payments with cryptocurrencies and the adoption of the technology blockchain. The idea of the project was to replicate cities like Miami and New York, which have moved to adopt Bitcoin and its underlying technology.
Well now, what was an idea seems to begin to take shape to become reality.
Yesterday, City Council members gave the green light to a plan to investigate the feasibility of accepting tax payments through “Bitcoin or other cryptocurrencies” in the city.
In this way, the Austin body will investigate the legality of the change, its potential to “benefit” public services, its impact on the economy and the environment and the “analysis of the financial stability and security of cryptocurrencies”, according to a draft of resolution 55. This “fact-finding study” expires on June 16.
Austin’s plan puts it ahead of other US cities that see cryptocurrency as a potentially lucrative municipal booster. The mayors of Miami, New York, and Jackson, Tennessee, have also leaned toward initiatives related to paying taxes in crypto.
“Everyone is looking for innovative solutions to municipal challenges, and this may be an option we are looking at in Austin,” Mayor Steve Adler tweeted on March 18 after a meeting with 25 mayors.
Blockchain was a topic of much discussion among the 25 mayors who attended #SXSW. Everyone is looking for innovative solutions to tackle municipal challenges, and this may be an option we look to in Austin. https://t.co/eXPHa8d84P
— Major Adler | Get vaccinated! (@MayorAdler) March 18, 2022
For her part, Councilor Anna Kitchen clarified that this it was a proposal “for analysis, not for action”. In other words, he made it clear that not necessarily, after the investigation, they will approve paying taxes with crypto.
Translation and version of DailyBitcoin
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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.