Lafayette to Consider Cryptocurrency to Diversify Economy

Lafayette Mayor-President Joel Robideaux, in a speech on Thursday, proposed the creation of a state-based cryptocurrency. Robideaux's annual address cited the need to improve public services for the citizens of Lafayette. With the introduction of cryptocurrency intended to increase the level of funding possible for public services and development projects.

The decision to diversify its economy in such a way now positions Lafayette in the same technological footsteps as Berkeley, California. Which, in February, introduced an ICO and cryptocurrency to support the city's growing homeless population. While also providing a new way of supplementing affordable housing initiatives.

Lafayette's Cryptocurrency Plan

In his annual speech, the intentions for this planned cryptocurrency were kept vague. Stating that it would be used in an exploratory manner in helping with multiple projects within the city.

Mr Robideaux stated in his speech:

“develop solutions targeting government inefficiencies, and, more importantly, alternatives for financing public infrastructure.”

Mayor-President Joel Robideaux

Robideaux seeks to keep an open mind regarding how Lafayette's potential cryptocurrency could be applied. In the speech, the Mayor-President stated that the ICO's proceeds will be used to “build a living lab of blockchain researchers and developers."

Lafayette has had to deal with a steep fall in jobs due to the 2014 crash in oil prices. Requiring Robideaux to look for alternative means to diversify the city's economy to counteract the damage done.

Robideaux, in his time as Mayor-President, has challenged residents to consider new technologies. And how they may diversify both the Lafayette’s economy and government, with cryptocurrency presenting another opportunity to build on what he refers to as Lafayette’s ‘Cultural Economy’.

Blockchain And The State

With Berkeley in February and now Lafayette contemplating the uses of cryptocurrency, elsewhere, blockchain is being put to use in a political capacity. Blockchain has become a crucial element for the rising political trend called 'Liquid Democracy'. A system that uses blockchain for its administrative efforts, including the creation of a secure, accessible voting system.

West Virginia has made headlines with its use of blockchain to allow soldiers deployed overseas to vote in upcoming elections.

Outside the U.S. Sweden has demonstrated just how effective and far-reaching state backed cryptocurrencies can be. The E-Croner has entered application nationwide, from domestic uses for daily purchases, to government bonds and debts held in E-Croner.