Ethereum co-founder shared core concerns with the crypto and also shared thought on the adoption of the crypto by the many US cities.
In the present time, adoption is at an advanced level in almost every country, whether it is a developed or developing country. People almost from every category are trying to go with the crypto and blockchain industry.
Vitalik buttering- Co-founder of the Ethereum project- appeared in the SG Blockchain Day 2021. There Vitalik talked about crypto adoption in the United States’s many cities. And also shared his stance on blockchain technology adoption by high-level businesses all over the world, which are using crypto technology to fund transactions.
In the very starting, Vitalik voiced for the Miami and New York coins and said that these are independent crypto-assets backed by the project team CityCoins.co. However, these are right now part of the financial transactions but still, it will motivate the citizens of these cities to do new things with these crypto assets to make them more worthy to use.
A similar kind of statement was also passed by Hillary Schieve, Mayor at Reno, Nevada. According to the Mayor, they will propose a new idea to include the concept of the NFTs to push the citizens toward better support for local projects. CityDAO is also working on an officially licensed blockchain firm that is trying to push the adoption of the blockchain and crypto industry in US cities.
Vitalik further asserted the use cases of the crypto blockchain in the tax system. According to Vitalik, “When taxpayers pay taxes, there would be an on-chain minting event that mints an amount equal to their tax payment”.
Further Vitalik explained it technically and said that cryptography coding will enable it to generate a receipt where the “number of coins minted equals the amount of taxes that got paid”.
According to Vitalik, such initiatives will not only provide transparency but also will establish trust among the people, who will adopt them.