The city of Santa Monica has launched an official Bitcoin office to enhance monetization and awareness of digital assets among citizens. This follows approvals of a pilot program, which will be implemented at no cost to the city.
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Inspired by El Salvador, one of the early adopters of Bitcoin as legal tender, the initiative is expected to create conditions for the general acceptance of the digital currency as part of Santa Monica’s economy.
Santa Monica embraces Bitcoin
One of the key objectives of the Santa Monica Bitcoin Office is to educate citizens about Bitcoin and help them understand its principles and the advantages of using digital currencies. Commenting on the development, Santa Monica Vice Mayor Lana Negrete, who is also a key proponent of the project, expressed enthusiasm at the launch of the office. Regarding this, she said:
“As we embark on a journey to learn Bitcoin in Santa Monica, I’m excited to see the following ideas. Bitcoin is for everyone.” – Lana Negrete (Vice Mayor of Santa Monica)
The Bitcoin office is expected to help the city facilitate partnerships that could boost tourism. It also aims to present citizens with employment opportunities within the growing Bitcoin and cryptocurrency industry. Santa Monica city elders are also aware of the industry’s increased energy demand. To address this, the Bitcoin office will encourage sustainable energy usage by encouraging Bitcoin mining powered by green energy sources.
Santa Monica continues to lead in innovation, living up to our legacy as Silicon Beach. Last night the City Council moved forward with a partnership with @workforcebtc to educate the community about #Bitcoin and seek opportunities for economic benefits. More details to come. pic.twitter.com/17YKwr1423
— City of Santa Monica (@santamonicacity) July 10, 2024
Santa Monica officials took inspiration from El Salvador
This takes inspiration from El Salvador which officially adopted Bitcoin as legal tender in 2021. Already, El Salvador has recorded success in attracting investment and tourism.
Santa Monica officials have visited El Salvador to get firsthand information on the implementation of the project as they aspire to replicate its success. The Bitcoin office will therefore play a critical role in providing education to residents, tourists, and businesses in line with the city’s broader economic landscape and vision of embracing emerging innovative financial technologies.
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The city has an annual budget of $700 million and receives about 4.5 million visitors “who spent around $1 billion in 2023.” The Bitcoin office is expected to further boost the city’s economy by attracting more business and tourists. Recently, Santa Monica firefighters adopted self-custody of Bitcoin showing the city’s growing interest in the cryptocurrency.
Proof of Workforce founder Dom Bei revealed plans to display Bitcoin visuals on the Santa Monica Pier to celebrate the development. This will help raise awareness of the city’s Bitcoin office, and its objectives, and help boost its adoption among the citizens.
Cryptopolitan reporting by Enacy Mapakame