One of the candidates running for mayor in the city of Lewisville, Texas has campaigned to finance the local police force with a cryptocurrency he dubs “Blue Coin”.
Blue Coin
The candidate Winston Edmonson is currently campaigning to raise funds for the local police force and offers his plan as an alternative to raising taxes on Lewisville citizens to support the struggling force.
The economic model behind Blue Coin allows citizens to purchase the coins from the city, that can then be spent in participating local businesses. A small percentage of the coins spent in stores would be donated by the businesses to the local police force. Edmonson describes the transaction as a voluntary form of tax.
A divided response
The proposal drew a mixed response from the population of Lewisville.
Hat Tricks owner Jason McDermott spoke to NBCDFW, saying ”[the police] deserve that and more”. He also spoke positively about having a city-regulated currency that works for the benefit of the local community.
However, Jason Tyra, a Certified Public Accountant from Dallas specializing in cryptocurrencies, estimated that it would be difficult for the project to succeed. For it to stand a chance, he felt that a significant percentage of both the city’s residents and businesses would need to participate.
Part of Tyra’s skepticism is founded on his perception that there will not be enough early adopters that want to support the local police case for the project to succeed.
Nonetheless, Tyra still believes that the project has merit, stating that cryptocurrency projects such as this will spearhead the future of fintech development.
Incumbent Mayor Rudy Durham is firmly opposed to the proposal. He announced in a statement: ”The city should not be involved in creating any currency”, although this could be seen as a political move as a response to the proposal gaining traction for his competitor.
The mayoral race of Lewisville takes place on 5 May 2018. If Edmunson is successful in the election and enacts his proposal, this would be a substantial milestone in the mainstreaming of cryptocurrencies.
