Cryptocurrencies seem to be the in-thing now as governments express interest in creating their own. Lafayette Parish, in Louisiana, is not an exception. The parish mayor, Joel Robideaux, has urged the parish government to create its own cryptocurrency as well as consider launching an Initial Coin Offering (ICO).
According to the local news outlet, the Acadiana Advocate, Robideaux portrayed Lafayette as the hub of technology and therefore could benefit immensely from its own digital currency as this will motivate investors to channel their investments into the parish.
The mayor was very categorical in outlining the benefits of the digital currency to the general economy of the parish. He noted that because the parish budget is usually cleared, the creation of the cryptocurrency will help generate funds that will sustain the parish budget as well diversify the local economy, and enhance government services.
As for ICO, Robideaux says that it will generate funds that may be channeled towards creating a lab of Blockchain researchers and developers. But he did not clarify on matters such as what that lab would consist of and how the digital currency will attract investors. He only suggested that basic aim of such a project will be to develop solutions that help address government inefficiencies and also offer alternatives for financing public infrastructure.
This idea is not new. In February this year, after Donald Trump threatened to cut federal funding to the municipality of Berkeley, California. The Municipality Government considered raising funds through an ICO. The intention was to raise funds to help them run the project of building affordable housing and other initiatives.