University of Berkeley, located in California, plans to become the first US city to launch its own cryptocurrency and conduct the ICO -Initial Coin Offer. It is planning to create its own crypto in order to to reduce the dependence on funding from the administration of Donald Trump. The purpose of the initiative is to raise money for the implementation of key projects for the city, such as programs to build affordable housing and modernize social infrastructure.
Residents will be able spend tokens in shops and restaurants, as well as to buy other important goods and services, and part of the money spent will go to support these projects and provide social assistance to low-income groups of the population.
The city authorities do not report when the program will be launched, but, as Berkeley municipality member Ben Bartlett is convinced, setting up a mechanism for own financing is an important element of city policy in the Donald Trump era.
“Berkeley has always been the center of resistance, and now we need our own coin,” he says.