The committee will help determine opportunities for municipal investment, growth, and increased forms of payment options for residents and employees.
“I look forward to working with the other members of the committee to further research the opportunities that may be available for West Springfield to take advantage of this up and coming alternative to traditional currency,” Reichelt said Tuesday. “I believe that cryptocurrency presents a unique opportunity to leverage available financial opportunities, which have been extremely limited historically for municipalities.”
State Rep. Michael J. Finn, D-West Springfield, a member of the House Blockchain Technology Caucus, will serve as vice chair. West Springfield councilor-elect Michael LaFlamme, treasurer-collector Tasha Hoye and community development director Stephanie Welch have volunteered to assist.
Cryptocurrency is a form of currency that is stored using encrypted blockchain technology. Bitcoin is the most commonly known form of cryptocurrency and materialized after the 2008 financial crisis as an alternative to traditional forms of currency.
Similar endeavors are already afoot in cities across the country, such as Miami, Florida, Jackson, Tennessee and Cool Valley, Missouri. Mayor-Elect Eric Adams has already announced plans to explore municipal cryptocurrency for New York City.
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