The US city Lafayette, located in the state of Louisiana is planning to launch a local cryptocurrency.
The mayor of the city, Joel Robideaux, announced recently that the council is planning on launching a local cryptocurrency which will become an excellent tool for the administration. The technology will be used to develop governmental platforms, and improve the relationships with investment third parties which will become a transparent system in the public works budget.
The local news has cited that Robideaux has presented the proposal during his annual presentation of the mayor’s office in the Heymann Center. He declared that this initiative would be the first step into turning the city into a technological hub.
Robideaux also suggested that the blockchain technology has the potential to improve the territorial advantages of Lafayette. Furthermore, this move could diversify the local economy, enhance the government services and even rise to becoming the first solution in managing the finances of the territory, according to him.
The mayor did not explain fully how the cryptocurrency would work, or what might determine the investors into contributing to Lafayette’s version of digital money.
The township is planning on launching an initial coin offering to raise funds for building a lab which will be exclusive for developing blockchain technologies. The mayor did not announce the total budget for his plan, but he declared that he aims to build the most significant technological center in the region.
It is not just a group of global libertarians who want unregulated, untraceable and secure digital currency transactions. It is the recognition of global actors that the world of banking, finance and payment systems changes forever, that the world of health, government and possibly any other industry is about to be interrupted,” stated, Joel Robideaux when asked about his long-term vision on cryptocurrencies.
This initiative comes after the administration from the city of Berkeley, California, announced the development of a local cryptocurrency. At a global scale, many countries have taken into consideration the idea of a national cryptocurrency. After Venezuela, Russia, Turkey, and China, the Indian government is also researching the impacts of a national cryptocurrency even though the Indian officials have started a mini crackdown on digital money.