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Santa Monica Launches Bitcoin Office to Boost Local Economy
Santa Monica, California, is making a significant push into the crypto industry with the launch of a dedicated Bitcoin office and plans for a Bitcoin festival by October.
The City Council approved the Bitcoin Office on July 11, 2024, and its website went live on August 8, 2024.
Santa Monica Positions Itself as Bitcoin Hub
The Bitcoin Office aims to educate residents and businesses about the digital asset and explore its economic potential. To achieve this, the office plans to form partnerships within the Bitcoin industry to support economic recovery and create new job opportunities. It will also assist city leaders in developing a resilient, forward-looking local economy that benefits the community.
“The Bitcoin Office’s mission is also focused on identifying and facilitating Bitcoin industry partnerships that actively support Santa Monica’s economic recovery and cultivate new employment opportunities,” the website stated.
While recognizing Bitcoin’s benefits, the City Council advises residents to understand the associated risks before making significant investments.
Read more: How To Get Paid in Bitcoin (BTC): Everything You Need To Know
Meanwhile, the initiative is being supported by the Proof of Workforce Foundation, a non-profit that promotes Bitcoin education. Founded in 2023, the foundation helps workers, unions, and pension funds adopt Bitcoin. Dominick Bei, a Santa Monica firefighter and former union president, leads the foundation. Notably, the Santa Monica Firefighter Union was the first to adopt Bitcoin through the foundation’s model.
This move signifies a major step in Santa Monica’s adoption of Bitcoin. The City Council’s goal is to position the city as a Bitcoin innovation hub, attract investment, and ensure success in the digital era.
This development follows efforts by the city of Chico, California, to regulate Bitcoin ATMs more effectively. Andy Pickett, the chief administrative officer for Butte County, noted that these efforts aim to reduce fraud related to Bitcoin ATMs.
“Special licensing, business transparency including publicly listing assets & liabilities, auditing, finger printing, public reporting of convictions or bankruptcy, and employment history will all be required of all operators and store owners that have the machines,” an official document stated.
Read more: How to Withdraw Money From Bitcoin ATM: A Step-by-Step Guide
According to Coin ATM Radar, Chico currently hosts 347 active crypto ATMs, surpassing the total number of ATMs in major economies such as Hong Kong, Spain, Poland, and New Zealand. California, in total, has 2,872 crypto ATMs spread across various jurisdictions.
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