Louisiana Mayor Proposes Government-Backed Crypto and ICO

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The mayor-president of the Louisiana metropolis of Lafayette, Joel Robideaux, has proposed an bold plan that will see town develop a government-issued cryptocurrency. Mr. Robideaux recommended the launching the cryptocurrency by way of an preliminary coin providing (ICO).

Also Read: Spring Sees Bitcoin Cash Adoption Rise

Lafayette Mayor Advocates Government-Issued Cryptocurrency

Louisiana Mayor Proposes Government-Backed Crypto and ICOThe authorities of a metropolis in Louisiana has advocated the event of a state-issued cryptocurrency. The Lafayette mayor-president introduced the daring proposal throughout his annual deal with on the Heymann Center.

Mr. Robideaux articulated an a variety of benefits that cryptocurrency might reap for town, together with positioning Lafayette as a technological hub, diversifying the native financial system, and streamlining the supply and financing of presidency services. Mr. Robideaux said {that a} state-issued cryptocurrency would facilitate the “develop[ing] solutions targeting government inefficiencies, and, more importantly, alternatives for financing public infrastructure.”

“It’s not just a bunch of global libertarians that want unregulated, untraceable and secure digital currency transactions,” Robideaux emphasised, “It’s the recognition of global stakeholders that the world of banking, finance and payment systems is forever changed, that the world of healthcare, government and possibly every other industry is about to be disrupted.”

Poor Economic Performance for Lafayette

Lafayette Mayor-President Proposes Government-Backed Crypto and ICOWith Lafayette in determined want of financial stimulus, many are describing Robideaux’s proposal as a determined bid to inflate town’s coffers. Among proposed measures, Mr. Robideaux pledged to reinvest income generated by way of an ICO for the currency to “build a living lab of blockchain researchers and developers.”

Lafayette’s just isn’t the one municipal authorities within the United States to not too long ago suggest the event of native state-backed cryptocurrency, with town of Berkeley saying its intention to launch a cryptocurrency by way of ICO in a bid to fund reasonably priced housing initiatives in February.

To increase funds, Berkeley’s council plans to promote “crypto enabled micro-bonds,” providing traders modest returns which can be tax exempt. Berkeley City Council Member, Ben Bartlett, said: “This is not your typical ICO, but rather an initial community offering. We decide to explore new forms of finance in response to the cuts from DC and corporate tax cuts that took away our ability to fund affordable housing.”

Do you suppose that extra municipal governments will search to situation state-backed cryptocurrencies? Share your ideas within the comments part below!

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