Vancouver Mayor Ken Sim has announced plans to make the city one of the first to integrate Bitcoin into its public finances. The plan aims to diversify the city’s finances and protect its purchasing power by adding Bitcoin as a reserve asset.
Plan details
• Important announcement: At the city council meeting on November 26, Mr. Sim submitted a notice entitled “Maintaining the city’s purchasing power through financial diversification: Becoming a Bitcoin-friendly city”. The notice is expected to be officially presented on December 11.
• Bitcoin as a reserve asset: The plan proposes to put Bitcoin on the city's balance sheet, creating a breakthrough in public asset management.
Context and significance
• New direction in North America: Vancouver's plan comes as many local and federal governments in the US are also considering using Bitcoin as a reserve asset.
• Commitment to technology: During his 2022 election campaign, Mr. Sim emphasized the importance of blockchain technology and accepted cryptocurrency donations for his political party, demonstrating his commitment to innovation.
Challenges and potentials
• Council support: It is unclear whether Mr Sim's plan has enough support to pass the city council.
• Long-term vision: If successful, Vancouver could become a model for other cities around the world in applying Bitcoin and blockchain technology to public financial management.
With over 70% of his goals achieved in his two-year term, Ken Sim has high ambitions for Vancouver. Will this “Bitcoin-friendly city” become a reality? Stay tuned for the next steps!