Highlights. The City of Santa Monica has launched a Bitcoin Office to explore the economic opportunities associated with bitcoin and promote education to help create local jobs.
Santa Monica #MarketDownturn Office will partner with Proof of Workforce to increase knowledge and use of bitcoin among the workforce.
The #City of Santa Monica, California, announced a new initiative to integrate bitcoin into its economic development strategy. The Santa Monica Bitcoin Office was announced Aug. 8 on the city's website following a unanimous vote by the City Council on July 11. The new office will build partnerships in the bitcoin industry, promote education and explore economic development opportunities for #cryptocurrencies .
the main goal of the Bitcoin Office is to increase local awareness of bitcoin and find ways to utilize it for economic recovery and employment. The office is partnering with Proof of Workforce, a non-profit organization headed by Dominic Bay. Proof of Workforce was founded in 2023 and is dedicated to educating workers, unions and pension funds about bitcoin.
Among the events hosted by the Santa Monica Bitcoin Office is the Bitcoin Festival on Oct. 18. The event was previously organized by Swan Bitcoin but was canceled due to staff cuts. The event attracted attention from the bitcoin community and demonstrated the city's focus on the crypto industry.
Despite the enthusiasm, some city officials expressed concern about the potential legal and financial risks associated with bitcoin. The Bitcoin Office has issued a clear statement: the discussion at the event did not include or imply any financial advice. Attendees are strongly encouraged to research the information themselves and consult with a professional financial advisor before making any investment decisions.
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