Louisiana Mayor Proposes Government-Backed Crypto and ICO

The mayor-president of the Louisiana city of Lafayette, Joel Robideaux, has proposed an ambitious plan that would see the city develop a government-issued cryptocurrency. Mr. Robideaux suggested the launching the cryptocurrency through an ICO. Mr. Robideaux articulated a number of benefits that cryptocurrency could reap for the city, including positioning Lafayette as a technological hub, diversifying the local economy, and streamlining the delivery and financing of government services. With Lafayette in desperate need of economic stimulus, many are describing Robideaux’s proposal as a desperate bid to inflate the city’s coffers. Among proposed measures, Mr. Robideaux pledged to reinvest profits generated through an ICO for the currency to build a living lab of blockchain researchers and developers.

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