Thursday, December 5, 2013

Mayor, police chief in struggling Kentucky coal town to donate salary in Bitcoins to spur economy

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Officials in a small Appalachian town that has seen its coal industry dry up over the past two years are hopeful that Bitcoins, the Internet currency, can play a driving force for jobs.

Both the mayor and police chief from Vicco, Ky., a town of about 330 residents located about 130 miles southeast of Lexington, said they will donate their entire paycheck to a Bitcoin account formed in the town’s name.

"If we're willing to take a chance to put ourselves out there, some company should take a chance on us," Tony Vaughn, the police chief, said. "At this point, we'll try anything."

Vaughn said he was approved by the city commission to have his entire take-home pay exchanged from the U.S. dollar to Bitcoins. His salary is believed to be the first instance of a government worker being paid in the Internet currency.
"If we're willing to take a chance to put ourselves out there, some company should take a chance on us"
- Tony Vaughn, the police chief

For the rest of the story: http://www.foxnews.com/us/2013/12/05/struggling-kentucky-coal-town-looks-to-bitcoin-to-spur-economy/

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