Vancouver’s city council is moving forward with plans to include Bitcoin in its financial strategy, guided by Mayor Ken Sim. The proposal suggests creating a Bitcoin reserve and accepting BTC payments for taxes and city fees.
This aims to diversify financial reserves and reduce the risks linked to changes in fiat currency value. A feasibility study will be finished by early 2025 to evaluate the possible use of Bitcoin.
Mayor Sim highlighted how important this initiative is for financial stability, stating that it would be “irresponsible” not to look into Bitcoin’s potential. This shows a significant change from the city’s earlier position against Bitcoin, which involved efforts to ban Bitcoin ATMs in 2019. Vancouver, which had the world’s first Bitcoin ATM, is now becoming a Bitcoin-friendly city, showing a change in how it views cryptocurrency.
The approved motion seeks to strengthen the city’s financial stability due to worries about inflation in fiat currency. Supporters think that Bitcoin might help taxpayers in the long run and improve the city’s asset portfolio.
The feasibility study will look at the risks and benefits of using Bitcoin, especially as more people around the world are interested in cryptocurrencies, particularly after pro-crypto leaders were reelected.
This initiative could make Vancouver a leader in using cryptocurrency in local government, alongside other forward-thinking cities that are updating public finance.
Vancouver is looking into Bitcoin integration, and the feasibility report is expected in early 2025. This could lead the way for other cities and change how local governments manage their finances in the digital asset world.
