Canada’s Mayor, Ken Sim, recently proposed a new plan for Vancouver that would make the city more friendly to Bitcoin. This plan, called “Preserving the City’s Purchasing Power Through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City,” will be presented to the City Council on December 11.
If approved, it could change how Vancouver deals with cryptocurrencies. Mayor Sim’s idea to use Bitcoin as a reserve asset follows a trend that many governments and institutions around the world are adopting. If Vancouver does this, it could show the world that they are open to using Bitcoin to make their finances stronger and help their economy grow.
In Canada, people can buy, sell, and own Bitcoin without any problems. In fact, Canadians have been investing in cryptocurrency, including Bitcoin, for a long time. Canada was even the first country to approve these investments in February 2021. Mayor Sim’s idea comes after Maya Parbhoe, who wants to be the president of Suriname, said she wants to build a country that is even more focused on Bitcoin than El Salvador, the first country to make Bitcoin a legal way to pay for things.
El Salvador has 5,948 Bitcoin, worth $569.51 million. Even Bhutan, a country with a smaller population, has been holding Bitcoin because they use their water power for Bitcoin mining. With 12,211 Bitcoin, Bhutan’s Bitcoin holdings are now worth $1.17 billion. Bitcoin is currently worth $95,682. In the last 24 hours, it has gone up by 3.24%, and its total value is $1.89 trillion.
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