The mayor of Lafayette, Louisiana has proposed the city create its own cryptocurrency to raise money for public finance, taking a cue from Berkeley, California, according to The Acadia Advocate. Such blockchain-based municipal borrowing, should it materialize, could revolutionize local funding in the U.S. and beyond.
Joel Robideaux, Lafayette’s mayor-president, made the proposal during his annual address at the Heymann Center, calling his city a technology hub that will diversify the local economy and upgrade government services. The city is currently in severe economic straights and plans are in the works for additional taxes.