As the rate of people adopting Bitcoin and cryptocurrencies continues to increase, the interest of governments in cryptocurrencies has started to increase.
Vitalik Buterin, co-founder of Ethereum, published an article called “Crypto Cities” where he talks about the interest of governments in emerging new technologies and cryptocurrencies.
In his article, Buterin cited the innovations of the mayor of Miami, Francis Suarez, and the state of Wyoming, which has a DAO-friendly legal structure, as an example of crypto cities.
Buterin suggested combining the best of local governments in this field with emerging crypto technologies to build more crypto cities, and continued:
“Another interesting trend of the past year has been the rapid spread of crypto ideas such as coins, immutable tokens and decentralized autonomous organizations (DAOs).
So what happens if we combine the two trends? Does it make sense to have a city with coins, NFT, DAO, some record keeping on the chain to fight corruption, or even all four?
There are already people trying and doing it.”
Buterin; Miami coin, a crypto token built on Bitcoin that will be used for the development of the city of Miami, will test the coin minting trials in Seoul and the Reno DAO creation project initiated by the mayor of Reno and managed by Reno coins, which Reno residents will be eligible to receive via airdrop. showed an example.
Governments Can’t Keep Up With Developing Technologies!
Ethereum co-founder stated that he thinks governments around the world are acting inefficiently and slowly in the face of emerging technologies and rapid changes in people’s basic needs.
He added that governments actually have real potential in the crypto space, given what crypto cities he cited as an example have done.
Recently, Facebook announced that it is focused on building a truly digital world using blockchain technology and calls itself “Meta”.
Buterin, unlike Facebook, suggested using decentralized technology to make existing cities real crypto cities.
Nowadays, when the discussions about the Metaverse have increased, it has been started to talk that Buterin’s crypto cities proposal may be a practical solution in the short term.