Like many American cities, Lewisville, Texas, is struggling with an understaffed police force. With a population of over 100,000, the city had just one sworn police officer per 637 residents. The lack of adequate funds is often cited as one major impediment hindering the city administration’s ability to tackle the issue effectively.
Big Political Idea
However, four-time mayoral candidate Winston Edmondson says he knows a way around budgetary constraints that doesn’t involve a hike in taxes.
The 34-year-old politician says if he is elected to office in the next election, he will create a ‘municipal cryptocurrency.’ Edmondson even has a name for this cryptocurrency — he calls it the Blue Coin.
Edmondson states on his campaign page:
“As Mayor, I want to develop a municipal cryptocurrency. The City of Lewisville and its residents could benefit greatly from this technology. We could use it for everything from raising money for our police department to making it easier for average citizens to invest in our municipal bonds.”
A City-Wide Cryptocurrency
As per Edmondson’s plan, the city will make the Blue Coin available for sale to the public who then can use it to buy goods and services from local businesses.
A portion of the payment made to these participating businesses will then go to the city exchequer.
The Mayoral candidate’s initial proposal hints that businesses can volunteer to be a part of the Blue Coin project, meaning it won’t be imposed on anyone. Presumably, the city will offer some incentives to local businesses that come onboard with its Blue Coin plan.
To his credit, Edmondson’s plan seems to have struck a chord with a section of the community who believe the municipal coin will benefit the city. This reaction comes from the fact that the cryptocurrency will be regulated by the city’s administration and any money raised from it will be funneled for the betterment of the community. Edmondson wrote:
“I’ve already spoken with a number of business owners, like Jason McDermott of Hat Tricks, and they’ve all expressed interest in Backing the Blue by accepting Blue Coin. Citizens could also encourage businesses to get on board.”
However, since participation is optional and businesses that accept Blue Coin will have to share a cut with the city, isn’t what Edmondson is suggesting just a type of voluntary tax?
Well, it turns out if the mayoral candidate has his way, there will be more to the Blue Coin.
Edmondson says among other perks, Blue Coin will also make it easier for Lewisville residents to invest in municipal bonds.
He cited the example of the city’s Multigenerational Centers as a testimony to how municipal bonds are an exciting way to raise funds while simultaneously benefitting citizens who invest in them.
His campaign website adds that with his cryptocurrency, Lewisville residents will be able to invest anything between a couple of hundred dollars to several thousand dollars in municipal projects.
On a related note, Texas has recently taken a particularly proactive stand in the regulation of cryptocurrency.
The state government issued cease and desist order against multiple cryptocurrencies including DavorCoin, BitConnect, and R2B Coin in the past few months to protect investors from shady transactions and fraudulent activities.