Berkeley’s plan to make its own cryptocurrency raises eyebrows

The San Francisco Chronicle reports:

Facing a homelessness crisis and funding gaps from recent tax cuts, the city of Berkeley is considering something revolutionary: making its own bitcoin-like cryptocurrency.

“Acts of resistance require creating resources,” said Councilman Ben Bartlett, one of the people behind the plan. He’s working with Mayor Jesse Arreguín, and teaming up with the startup Neighborly and UC Berkeley’s Blockchain Lab on proposals to turn municipal bonds into digital currency, with the goal of raising additional funds for specific projects.

Bartlett and Arreguín came up with the idea over dinner when they were brainstorming about the affordable housing crisis with constituents, some of whom work with digital currencies.

“This is largely driven by Berkeley residents,” Bartlett said. “Their nickname for Berkeley is Crypto City.”

Imagine that.