Vancouver Council Approves Bitcoin Motion to Diversify Finances
Following a recent mayoral proposal, Vancouver City Council approved a motion to explore incorporating Bitcoin (BTC) into the city’s financial strategy.
The decision reflects a forward-looking strategy focused on diversifying Canadian cities’ financial portfolios while addressing issues related to fiat currencies volatility and inflation.
Vancouver Become a Bitcoin Friendly City
this sportsthe leader is Mayor Shen Kenincluding creating a Bitcoin reserve and enabling Bitcoin as a payment option for taxes and city fees. Mayor Sim sees the move as a measure to increase financial stability.
Specifically, Sim said it would be irresponsible for the City of Vancouver not to consider the merits of adding Bitcoin to the city’s strategic assets. As it happens, the city council approved the proposal.
“Vancouver City Council approves Motion 3. Preserving the city’s purchasing power through diversification of financial reserves – becoming a Bitcoin-friendly city,” Vancouver City Clerk shared.
The move marks a dramatic shift from previous city policy. In 2019, former Mayor Kennedy Stewart attempted to ban Bitcoin ATM machine Within Vancouver, although the city Home of the world’s first Bitcoin ATM. The latest developments thus reflect Vancouver’s growth as a potentially Bitcoin-friendly city.
The committee directed city staff to evaluate the feasibility and impact of adopting Bitcoin. The feasibility study report will be submitted in the first quarter (Q1) of 2025. The proposal highlights Bitcoin’s potential as a hedge against the depreciation of fiat currencies. Specifically, it will safeguard the city’s purchasing power.
The motion elaborates: “Diversifying the City of Vancouver’s financial reserves and payment methods to include Bitcoin will not only increase the resiliency of our city’s financial portfolio, but ultimately benefit taxpayers.”
The move comes amid growing optimism in the global cryptocurrency space, especially in the wake of pro-crypto candidates Donald Trump re-elected in US. Market watchers expect this political shift to increase regulatory clarity and adoption. Vancouver’s Bitcoin-friendly stance could make the city a trailblazer for municipal cryptocurrency adoption.
Mayor Sim, a strong advocate of Bitcoin, described it as “the greatest invention in human history” in an interview. This further highlights his enthusiasm for integrating digital assets into public finances. The proposal has also attracted the attention of cryptocurrency supporters around the world.
With approval, Vancouver will join the ranks of other progressive cities that are experimenting with Bitcoin. Once implemented, it will set a precedent for municipalities to modernize their financial strategies.
However, the success of the initiative will now depend on the results of a soon-to-be-released feasibility report. As part of the discovery phase, it will assess potential risks, implementation challenges, and long-term benefits.
One user was “pleased to see the fruits of the discovery phase.” commented.
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