Successful Vote For Blockchain-based Bonds in California City
Each time such news is being heard many cryptoenthusiasts are very happy too see the more mainstream adaptation of blockchain technology. Even though bitcoin has been out there for few years already, the whole digitalization and tokenization is just starting to take off. Investors and traders like to see positive market movements and increased prices of their coins, but in order to achieve healthy gains there is a need for actual usage of this technologies.
On Tuesday, the city council of Berkeley in California, announced that results of a unanimous vote are next step towards issuance of a blockchain-based bonds. CoinDesk talked with Ben Barlett, who is the vice mayor and council member behind this idea. He was very excited, as he was confirming the results, “It’s happening. We passed it.”
However, there is still a long road before actual blockchain bonds will be issued. Barlett doesn’t hide that he had to face a strong opposition to his idea of blockchain-based bonds. He went to the meeting with only two members being in favour at the time. But he managed to push the idea, as he believes that “Blockchain allows us to really disintermediate that process and make bonds more affordable for communities and for people”. He thinks Berkeley could fund, using the bonds, projects such as homeless shelter, an ambulance or an individual fire truck.
The council will firstly “refer to the 2018 prioritization process to direct the City Manager to produce a report outlining steps required if the City were to implement a Pilot Project for the Community Microbond Initiative within 90 days.” Moreover, Susan Wengraf, a member of the city council said that “this action does not imply approval at this time.”