In Berkeley, California, is considering the possibility of holding an ICO to raise funds to deal with the city's current problems, for example, related to the growing number of homeless people and the lack of affordable housing. In 2017, there are more than 1 thousand homeless, which is 17% more than in 2015, and 43% more than in 2009.
Berkeley City Councilman Ben Bartlett believes that the creation of its financial mechanism can play a key role in ensuring the viability of the city in the era of the current US president. The idea of an ICO was a reaction to the tax reform approved by Donald Tramp, which could negatively affect the construction of affordable housing in the country.
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Together with the mayor of the city, Fintech startup Neighborly and the block laboratory of the University of California at Berkeley, Barlett has already begun work on the ICO-strategy of the city. The idea of securing tokens with municipal bonds is being worked out.The idea for an ICO came about after President Donald Trump signed the Republican tax bill into law at the end of December, according to Bartlett.
Berkeley is the center of the resistance, and for the resistance to work, it must have a coin.After passing all the stages of coordination, the ICO can be held already in May this year. It is assumed that the city administration tokens can be used for settlements in shops and restaurants, as well as for housing.
Recall that in 2017, the total amount raised during the ICO funds in the US exceeded $ 4 billion.
Information Source: Business Insider
