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Date: 12/15/2021
WEST SPRINGFIELD – In early November, Mayor William Reichelt announced the formation of an ad-hoc Cryptocurrency Exploratory Committee in the town of West Springfield. The committee will research how the town might use cryptocurrency.
According to a press release from the Mayor’s office, “Cryptocurrency is a form of decentralized peer-to-peer currency that is stored using encrypted blockchain technology. Bitcoin, the most commonly known form of cryptocurrency, emerged following the financial crisis of 2008 as an alternative to traditional forms of currency that are regulated by banks and governments.”
Through his own interest in cryptocurrency, along with speaking to various friends, Reichelt said, “With that [I wanted to] see what can West Springfield do?”
Reichelt will serve as the chair of this committee. Alongside him, state Rep. Michael Finn will serve as vice chair. Reichelt said that he and Finn have been working together to formulate this committee for a while. Finn currently serves on the state’s House Blockchain Technology Caucus and has an apparent interest in cryptocurrency, said Reichelt.
Additional committee members who have volunteered their service include West Springfield Councilor-elect Michael LaFlamme, Treasurer-Collector Tasha Hoye and Community Development Director Stephanie Welch. Reichelt said with the mix of interest in the subject and experience in finance, he feels confident with this committee.
He informed Reminder Publishing that the first step the committee will take is to see if it’s even legal for a Massachusetts town to deal in cryptocurrency.
From there, Reichelt plans to research how the town could use cryptocurrency, such as Bitcoin, both as an investment tool and as a payment option for residents, businesses and employees in their dealings with Town Hall.
To assist in their research, Reichelt said they will be looking at cities across the country that have already begun exploring municipal cryptocurrency. Some of those cities include Miami, Fla.; Jackson, Tenn.; and Cool Valley, Mo.
Reichelt said the committee plans to meet for the first time in the next few weeks. At some point, the group will host public meetings so that the community can be involved, but Reichelt said the discussion will “start internally.”
As the new developments arise in the cryptocurrency market, Reichelt predicts this committee will be around for some time.
“The ideal end goal [is to be] at a point where the community can make safe investments” and use cryptocurrency, said Reichelt. He concluded, “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.”