The city of Berkeley wants in on the cryptocurrency mania

Tech

The city of Berkeley, California is considering launching an initial coin offering (ICO) in a stated effort to reduce its dependence on federal funding. The ICO would raise funds by selling digital coins that would be backed by government municipal bonds, according to Business Insider, which spoke to a Berkeley city council member who described the plan.

Governments ordinarily sell municipal bonds to finance new projects, and some in Berkeley’s government hope the addition of blockchain technology will make the venture more appealing to residents who might already be bitcoin investors. In theory, coin holders might also use the cryptocurrency within the local economy.

Introducing a viable cryptocurrency for real-world transactions is…

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