Santa Monica Launches Bitcoin Bureau to Boost Local Economy

Santa Monica, California, is making a big push into the crypto industry by launching a dedicated Bitcoin office and planning a Bitcoin festival in October.

The city council approved the Bitcoin office on July 11, 2024, and the website went live on August 8, 2024.

Santa Monica places itself as a Bitcoin Hub

The Bitcoin Office aims to educate residents and businesses about the digital asset and explore its economic potential. To achieve this, the office plans to partner with the Bitcoin industry to support economic recovery and create new job opportunities. It also helps city leaders develop sustainable, forward-looking local economies that benefit communities.

“The Bitcoin Office's mission is focused on identifying and facilitating Bitcoin industry partnerships that actively support Santa Monica's economic recovery and develop new job opportunities,” the website states.

The City Council advises residents to understand the associated risks before making a significant investment.

Read more: How to get paid in Bitcoin (BTC), everything you need to know

Meanwhile, the initiative is being supported by the Proof of Work Foundation, a non-profit that promotes Bitcoin education. In the year Founded in 2023, the foundation helps employees, unions and pension funds accept bitcoin. Dominic Bay, a Santa Monica firefighter and former union president, heads the foundation. Notably, the Santa Monica Firefighter Union was the first to accept Bitcoin through a grassroots model.

This move is a big step towards Bitcoin acceptance in Santa Monica. The city council's goal is to position the city as a center for Bitcoin innovation, attracting investment and ensuring success in the digital age.

This development follows efforts by the city of Chico, California to effectively regulate Bitcoin ATMs. Andy Pickett, Butte County's chief administrative officer, noted that these efforts are aimed at reducing fraud associated with Bitcoin ATMs.

“All machine operators and shop owners will be required to provide special permits, inventory of assets and liabilities, audits, fingerprinting, public reporting of delinquency or bankruptcy, and employment history,” an official document said.

Read more: How to withdraw money from a Bitcoin ATM: a step-by-step guide

According to Coin ATM Radar, Chico currently hosts 347 active crypto ATMs, which is more than the total number of ATMs in major economies such as Hong Kong, Spain, Poland and New Zealand. California has a total of 2,872 crypto ATMs spread across different states.