Vancouver, Canada, has recently welcomed a groundbreaking policy, with the city council officially passing a proposal to explore 'how to make Vancouver a Bitcoin-friendly city' and assess 'establishing a Bitcoin reserve' and 'accepting Bitcoin as a payment method for taxes and municipal fees.'
This proposal, put forth by Vancouver Mayor Ken Sim, emphasizes the need to diversify Vancouver's financial reserves and payment options to include Bitcoin. The proposal states:
It would be extremely irresponsible for the City of Vancouver not to prudently assess the value of Bitcoin as a strategic asset to maintain the stability of municipal finances.
The city council requires the municipal team to submit a feasibility report on creating a 'Bitcoin-friendly city' strategy, along with specific implementation plans, before the end of the first quarter of 2025.
This proposal marks a significant shift in the City of Vancouver's stance on Bitcoin policy. Looking back to 2019, former mayor Kennedy Stewart attempted to fully ban Bitcoin ATMs, while Vancouver is precisely the birthplace of the world's first Bitcoin ATM.
The proposal emphasizes that allocating part of the financial reserves to Bitcoin will help Vancouver maintain financial stability and purchasing power in the face of fluctuations, depreciation, and inflationary pressures in traditional currencies.
The proposal further states: 'Diversifying municipal financial reserves and payment options to include Bitcoin can not only enhance the resilience of the city's financial structure but will ultimately benefit all taxpayers.'
Vancouver Mayor Ken Sim has previously stated that Bitcoin is 'the greatest invention in human history', and this attitude is reflected in the policies he leads.
"Mayor supports! Vancouver will explore creating a 'Bitcoin-friendly city'" This article was first published on (BlockGeek).
