🚨 Vancouver City Council Passes pro-bitcoin Motion Citing Fiat Challenges

Vancouver's city council has approved a motion to explore accepting bitcoin ($BTC ) for tax and fee payments and to establish a bitcoin reserve. Proposed by Mayor Ken Sim, the motion aims to diversify the city's financial reserves and payment options to enhance financial stability. City staff are tasked with reporting on the feasibility of a "bitcoin-friendly city" strategy by the end of Q1 2025.

This marks a notable shift from previous policy, as former Mayor Kennedy Stewart had sought to ban bitcoin ATMs in 2019. Vancouver is also notable for being the childhood home of former Binance CEO Changpeng 'CZ' Zhao and the headquarters of the failed crypto exchange QuadrigaCX.