In an effort to stick it to the person and scale back its reliance on federal funding underneath the Trump administration, the town of Berkeley plans on issuing its personal cryptocurrency. “Initial Community Offering” The metropolis of Berkeley goals to develop into the primary US metropolis to have its personal cryptocurrency ecosystem, by which cash or tokens backed by municipal bonds could also be used as authorized tender in outlets and eating places, to pay lease, or as donations
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In an effort to stick it to the person and scale back its reliance on federal funding underneath the Trump administration, the town of Berkeley plans on issuing its personal cryptocurrency.
“Initial Community Offering”
The metropolis of Berkeley goals to develop into the primary US metropolis to have its personal cryptocurrency ecosystem, by which cash or tokens backed by municipal bonds could also be used as authorized tender in outlets and eating places, to pay lease, or as donations to the town’s ever-growing homeless inhabitants. Additionally, cash raised by the cryptocurrency will assist create extra inexpensive housing.
Berkeley City Council Member Ben Bartlett is one particular person spearheading the cost, telling Business Insider:
Berkeley is the middle of the resistance, and for the resistance to work, it will need to have a coin.
Bartlett will not be alone. His highly effective teammates embody Berkeley Mayor Jesse Arreguín, the monetary know-how startup Neighborly, and the UC Berkeley Blockchain Lab. Together, they hope to launch their very own Initial Coin Offering (ICO), which they’re dubbing an “Initial Community Offering.”
Berkeley’s proposed cryptocurrency would basically make the most of blockchain know-how as a method of promoting municipal bonds. Traditionally, bonds aren’t essentially the most enticing funding alternative accessible, however Berkeley hopes the rising recognition of cryptocurrency will appeal to community-oriented buyers anxious concerning the metropolis’s socioeconomic points. Neighborly’s co-founder and COO Kiran Jain explains to Business Insider:
Unlike a lot of the ICOs which ship cash for a future worth or service, these cash will symbolize an actual safety issued for a selected goal.
However, loads of work remains to be to be finished earlier than an actual Berkeley-backed cryptocurrency hits the blockchain, particularly given the shaky-at-best fame of ICOs in the intervening time. If profitable, nevertheless, Berkeley’s enterprise may assist legitimize each ICOs and cryptocurrency as a complete.
Sticking It to the Man
The metropolis of Berkeley’s try at creating their very own cryptocurrency comes as a response to President Trump’s December signing of the Republican tax invoice, which discourages non-public contractors from developing inexpensive housing by undercutting present incentives.
As inexpensive housing within the metropolis turns into more and more scarce and homelessness will increase at an alarming charge, Berkeley fears the long-term repercussions of the invoice. According to metropolis knowledge, one % of Berkeley’s inhabitants was homeless in 2017 — and a bond-backed cryptocurrency will hopefully assist treatment that drawback. Bartlett defined to Business Insider:
It’s truly enabling us to fulfill our responsibility as a authorities. Our responsibility is to present for our folks. It’s a violation of that responsibility to enable folks to sleep within the streets.
As one of many first epicenters of the 1960’s counterculture, Berkeley has traditionally been a liberal capital of types within the US. The metropolis hasn’t had a Republican mayor since 1971, and its residents continuously converse out in opposition to conservative political insurance policies.
As such, Berkeley has unsurprisingly been one of the vital vocally anti-Trump cities within the US, particularly with regard to the President’s immigration insurance policies.
Tensions with the present administration proceed to rise, significantly after President Trump vowed to pull federal funding from UC Berkeley in February 2017, following protests arising from a speech by political commentator Milo Yiannopoulos on the college.
If profitable, the town of Berkeley may basically use cryptocurrency to scale back their reliance on federal funding from the Trump administration.
What do you concentrate on Berkeley’s targets of making their very own cryptocurrency? Do you suppose different cities may doubtlessly fight homelessness by launching “Initial Community Offerings?” Let us know within the feedback under!
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