Cities and crypto: Austin launches fact-finding study for crypto tax payments

According to a 2022 survey by Bitstamp, the world’s oldest crypto exchange, it will take up to a decade before crypto enters mainstream. And before it gets there, it has to win the trust of regulators and the government.

Fortunately, crypto is slowly winning governments over, one region at a time. In September 2021, El Salvador became the first country to accept Bitcoin as legal tender. Several cities in the US also made a move toward accepting crypto payments. The city of Austin in Texas is among latest, approving a fact-finding study as a first step toward Bitcoin adoption.

Austin’s fact-finding study

In March 2022, Austin’s city councilors gave their green light to launch a fact-finding study that will evaluate the feasibility of accepting Bitcoin or other cryptocurrencies as tax payments. The scope of the study includes:

• The legal implications of accepting crypto as tax payments

• The move’s impact on the economy

• The environmental impact