The Louisiana town of Lafayette is financially struggling and it was allowed in a presentation that property tax issues are scarce and that the money-tank towards operations is working for nothing. The general methods of getting municipal funds have been proposed, for example raising taxes, and seizing independent land. Joel Robideaux, the mayor-president of the town, is reasoning of going in a different way.
Robideaux is recommending local citizens to consider starting an initial coin offering (ICO) to increase the necessary funds under the suggestion that the earnings will go to “build a living lab of blockchain researchers and developers”.
According to reports by the Acadiana Advocate, the profits of the project is ambiguous, and Robideaux did not afford a clear reason why exactly the district should consider this supply other than the prospective to “develop solutions targeting government inefficiencies, and, more importantly, alternatives for financing public infrastructure.”
In order to receive the believe for his idea, Robideaux claimed that it’s “not just a bunch of global libertarians that want unregulated, untraceable and secure digital currency transactions,” pointing out that despite cryptocurrency is “the recognition of global stakeholders that the world of banking, finance and payment systems is forever changed, that the world of healthcare, government and possibly every other industry is about to be disrupted.” Then Robideaux has underlined that he aims the proceeds of the fundraiser to “build a living lab of blockchain researchers and developers” but did not manage to put forward any specifications on this lab’s location, cost, or any particulars features about it.
Robideaux has mentioned Lafayette should look to its culture to widen its budget declaring that their “cultural economy is the low-hanging fruit. It already exists and it can only get bigger,” and that it “will become the stabilizing force in our budget.”