Will Vancouver Become a Bitcoin-Friendly City?

In practice, the Canadian city must now explore how it will succeed in its effort to become a Bitcoin-friendly city.

The approval came just two weeks after Mayor Ken Sim presented his motion, which primarily proposed purchasing Bitcoin to hold as a reserve.

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Greenlight to the Mayor’s Proposal to Integrate Bitcoin

On November 26, Ken Sim, the mayor of Vancouver, Canada, presented a proposal titled “Preserving the purchasing power of the city through the diversification of financial resources, becoming a Bitcoin-friendly city.”

In general, the proposal suggests integrating Bitcoin into the city’s financial strategies. Among the key points are accepting taxes and fees in BTC and converting a portion of the city’s financial reserves into BTC.

Specifically, holding a portion of the financial reserves in Bitcoin aims to help preserve the city’s purchasing power against the volatility, devaluation, and inflationary pressures of traditional currencies.

The text of the proposal is also outlined as follows:

“Diversifying the financial reserves and payment options of the City of Vancouver to include Bitcoin would not only increase the resilience of the city’s financial portfolio but ultimately benefit the taxpayers”

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The post Vancouver, a Bitcoin-Friendly City? The City Council Has Approved It appeared first on Coin Engineer.