WEST SPRINGFIELD, Mass. (WWLP) – The town of West Springfield is exploring Cryptocurrency and how it can be useful to the town.
The town formed a committee that will look into cryptocurrency. Mayor Will Reichelt stated if it gets bigger in the future, he doesn’t want West Springfield left behind.
The West Springfield Cryptocurrency Exploratory Committee will study the benefits and risks of the emerging cryptocurrency market. Specifically, if there is a way to take advantage of the up and coming alternative to regular currency. This will include looking at payment options for residents and employees.
Cryptocurrency is a form of digital currency, it’s all online. You may have heard of Bitcoin, the most popular and up and coming cryptocurrency.
Mayor Reichelt told 22News that this has become a global conversation that West Springfield can be involved in and benefit from, “Well, our first step is to see whether or not communities, municipalities can even take part in it. If we can’t, how do we change that on a state level so that cities are able to better diverse their portfolios and people are able to take part in it. citizens as well.”
Similar efforts are already underway in cities across the country like Miami, Florida, Jackson, Tennessee and Cool Valley, Missouri. New York City Mayor-Elect Eric Adams has already announced plans to explore municipal cryptocurrency for the city.
Mayor Reichelt added that this is just a way to explore new opportunities. The committee will explore cryptocurrency over the next few years so it will be some time before anything happens in West Side.