Louisiana Mayor-President Proposes Government Backed Crypto

The government of a city in Louisiana has advocated the development of a state-issued cryptocurrency, whereby it was announced by Lafayette’s mayor-president, Joel Robideaux, during his annual address at the Heymann Center.

According to Robideaux, cryptocurrency can benefit the city by positioning it as a technological hub, diversifying the local economy, and streamlining the delivery and financing of government services. He stated that a state-issued cryptocurrency would facilitate the development of solutions targeting government inefficiencies, and, more importantly, alternatives for financing public infrastructure.

“It’s not just a bunch of global libertarians that want unregulated, untraceable and secure digital currency transactions,” Robideaux explained, “It’s the recognition of global stakeholders that the world of banking, finance and payment systems is forever changed, that the world of healthcare, government and possibly every other industry is about to be disrupted.”

This proposal comes amidst Lafayette’s poor economic performance, whereby an economic stimulus is needed. Robideaux pledged, amongst other proposals, to reinvest profits generated through an ICO for the currency to “build a living lab of blockchain researchers and developers.”