Vancouver approves proposal to consider Bitcoin as a reserve asset

The Vancouver City Council has approved a proposal to explore the possibility of integrating Bitcoin into the city’s financial system, including the use of Bitcoin as a reserve asset and means of payment. This proposal, put forward by Mayor Ken Sim, aims to protect the city’s purchasing power against inflation. However, this plan faces opposition from some due to the price volatility of Bitcoin and the associated risks of money laundering. A detailed report on the feasibility, risks, and benefits of adopting Bitcoin will be completed by the end of Q1 2025. Vancouver's consideration of Bitcoin reflects the growing trend among governments and organizations looking at cryptocurrency as part of their financial strategy.