Vancouver City Council Votes to Embrace Bitcoin Amid Fiat Challenges
Finance/Policy

Vancouver City Council Votes to Embrace Bitcoin Amid Fiat Challenges

The Vancouver City Council has approved a motion aiming to integrate bitcoin into the city’s financial framework, signaling a shift towards cryptocurrency.

Vancouver City Council Votes to Embrace Bitcoin Amid Fiat Challenges

The motion calls for the integration of bitcoin into Vancouver's financial framework, including establishing a bitcoin reserve.

Key Points:

  • Vancouver's city council has passed a motion to explore becoming a "bitcoin-friendly city."
  • The proposal includes potentially creating a bitcoin reserve and accepting bitcoin as payment for taxes and fees.

The Vancouver City Council has decided to investigate the possibility of accepting bitcoin for tax payments and establishing a bitcoin reserve. The motion, designed by Mayor Ken Sim, advocates for diversifying the city's financial reserves and payment options to encompass bitcoin.

"It would be irresponsible for the City of Vancouver to not consider the benefits of adding bitcoin to the City’s strategic assets to maintain financial stability," the motion states.

The council has tasked city staff to submit a report on the viability of implementing a "bitcoin-friendly city" strategy by the end of the first quarter of 2025. This marks a significant policy shift towards cryptocurrency, as the previous mayor, Kennedy Stewart, had sought to ban bitcoin ATMs in the city.

Vancouver is also notable for being the childhood home of Changpeng 'CZ' Zhao, the former CEO of Binance, and the headquarters of the now-defunct crypto exchange QuadrigaCX.

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