The Metropolis of Santa Monica has formally launched a Bitcoin Workplace to reinforce schooling and discover financial alternatives associated to Bitcoin, additional positioning itself as a frontrunner in crypto innovation.
The initiative, accepted unanimously by the Santa Monica Metropolis Council on July 11, was launched to the general public with the launch of its official webpage on Aug. 8.
The workplace is a part of a collaboration with Proof of Workforce, a nonprofit devoted to offering Bitcoin schooling to the workforce, unions, and pension funds.
The Bitcoin Workplace’s major targets embody educating the local people, exploring potential partnerships that might increase the town’s financial restoration, and figuring out profession alternatives associated to Bitcoin for residents and college students.
Whereas the initiative has garnered pleasure, it has additionally raised considerations amongst some metropolis officers. Council members mentioned the potential authorized and monetary dangers related to selling Bitcoin, guaranteeing that acceptable disclaimers are in place to guard the town from legal responsibility. Nevertheless, as famous on its official webpage, the workplace emphasizes the significance of understanding the dangers related to crypto.
Proof of Workforce, led by Santa Monica firefighter and former union president Dominick Bei, was established in 2023. The nonprofit group, which operates underneath a 501(c)(4) tax standing, goals to empower employees, unions, and organizations by serving to them perceive how Bitcoin can help their goals and well-being.
Along with its instructional efforts, the Bitcoin Workplace is selling the upcoming “Bitcoin Peer to Pier Competition,” scheduled for Oct. 18. This occasion is seen as a continuation of a beforehand deliberate competition by Swan Bitcoin, which had initially set its occasion for Oct. 17 earlier than canceling it as a consequence of workers reductions.
Santa Monica’s new Bitcoin Workplace and the deliberate competition spotlight the town’s dedication to integrating Bitcoin into its financial framework, reinforcing its standing as a forward-thinking tech hub throughout the “Silicon Seaside” area.