AUSTIN (KXAN) — “Crypto cities” are on the rise, and Austin could be one of them.
Cities like Miami and New York City already have their own cryptocurrencies, using a community pulled together by a group called CityCoins to mine the city’s tokens. Austin would have, naturally, AustinCoin.
People who participate get a cut, and the process allows the city to claim the rest and store it in a digital wallet. The funds could be used to build apps, mint non-fungible tokens (NFTs) or otherwise benefit the city’s digital infrastructure.
There are a lot of murky legal and tax-related questions a city must consider before diving in, however.
Austin Mayor Steve Adler recently told Fox Business he’s open to the idea given the city’s history of early technology adoption. AustinCoin mining is set to begin soon.