Bluecoin: A Cryptocurrency for the city of Lewisville, Texas

Bluecoin: A Cryptocurrency for the city of Lewisville, Texas

Lewisville is a city located in Denton County in the U.S. state of Texas. According to official figures, for the year 2010, it had a population of 95,290 inhabitants. A state as traditionalist as Texas is not expected to be at the forefront of social changes and movements such as the adoption of cryptocurrencies, but Winston Edmonson seems willing to change that.
One of the proposals of his government’s plan as a candidate for mayor is to adopt the use of official crypto, but while some might think about using bitcoin or some of the altcoins on the market, Edmonson goes further and hopes to develop his own currency.
According to Edmonson, the idea of his project is to boost the economy while collecting the funds on a voluntary basis without having to force the adopters to pay taxes and other financial obligations. That is to say, the charging of fees would go to the State coffers, which is a kind of voluntary contribution.

“By saying they want to back the blue coin, they’re saying they want to give a percentage of every transaction. So basically you can think of it as a voluntary tax.”

This has prompted more positive than negative opinions, perhaps even due to the curiosity of the locals regarding the operation of such a new method, but supported by the mayor’s office.
Jason McDermott. A little local businessman told: “It’s for the benefit of the Lewisville Police Department (…) To be honest with you, they deserve that and more.” He added.

“I think that a currency that benefits the community that’s regulated by the city, who wouldn’t adopt it?”

However, not everyone wholeheartedly agrees: Jason Tyra – a Certified Public Accountant (CPA) in Dallas specializing in cryptocurrency – states that the only way in which such currency would play a significant role in secular finance is for it to be used by most people. Something that’s still difficult for any crypto right now:

“I’m not necessarily convinced upfront that Lewisville contains a critical mass of early adopters who are going to want to use this and who are also going to want to support the use case, which is the Lewisville Police Department.”

But he also accepted that the possibility of a massive adoption could bring very positive repercussions for the region:

“One of the things that’s exciting about this space is that we’re so early that people have the opportunity to experiment. They have the opportunity to come up with something that doesn’t have a clear path to success just to see what happens, to throw something up against the wall. This will either work or it won’t. If it works, great. If it doesn’t, someone will think of something else.”

Upon hearing this news, his opponent Rudy Durham expressed rejection without any argument whatsoever: he merely said: “The city should not be involved in creating any currency.”