The Vancouver City Council in Canada today passed a motion proposed by Vancouver Mayor Ken Sim to make the city a 'Bitcoin Friendly City.' The city government will begin exploring the possibility of accepting Bitcoin for tax payments and adding BTC to the city's financial reserves. (Background: Pennsylvania in the United States proposed a 'Bitcoin Strategic Reserve' bill: expected to invest billions in accumulating BTC) (Supplementary Background: Jeju Island in South Korea will allow tourists to 'pay with Bitcoin': creating a cashless international city) Canadian Broadcasting Corporation (CBC) reported today that Vancouver City Council, the largest city on the west coast of Canada, has passed a motion proposed by Mayor Ken Sim to make the city a 'Bitcoin Friendly City.' With the motion's passage, city government officials must now study the potential for integrating cryptocurrency into municipal operations, such as accepting Bitcoin for tax payments and whether the city can allocate 'part' of Vancouver's financial reserves for investing in Bitcoin. A related report will be submitted before the end of the first quarter of 2025. Vancouver aims to be a leader as a 'Bitcoin Friendly City.' Mayor Ken Sim publicly stated last month that he is a passionate believer in Bitcoin, calling it 'the greatest invention in human history,' and warned that traditional fiat currencies are 'heading to zero.' His financial disclosures this year also revealed investments in Coinbase Global Exchange and Canadian Bitcoin ETFs. Ken Sim proposed a motion titled (Protecting the city's purchasing power through financial reserve diversification - becoming a Bitcoin Friendly City) in today's meeting, emphasizing Bitcoin's potential to enhance financial stability during fiat currency market fluctuations. He argued that Bitcoin has established a 'good reputation' over its 16-year history and stated that holding Bitcoin would maintain Vancouver's 'purchasing power' and guard against the 'volatility, devaluation, and inflationary pressures' of traditional currencies. The motion also stated: It would be irresponsible for Vancouver not to consider adding Bitcoin to the city's strategic assets to maintain financial stability. The motion also noted that several countries, states, and municipal governments around the world have benefited from adopting Bitcoin and other cryptocurrencies, such as Switzerland's 'Crypto Valley' in Zug and Lugano's Plan B initiative, as well as El Salvador, the first country to legalize Bitcoin as currency. Bloomberg pointed out that Vancouver has long been a cryptocurrency hub in North America, having had the world's first Bitcoin ATM in 2013 and being home to blockchain startups like NFT company Dapper Labs. To be a leader or a laggard? Ken Sim pointed out in an interview with Bloomberg and Global News today that the election of Trump, who strongly supports Bitcoin, made him realize that Vancouver must lead in becoming a 'Bitcoin Friendly City.' 'Suddenly, with what's happening in the U.S., many other countries, provinces, and states are showing that they will do the same, and we want to be ahead.' 'Let’s put it this way: the widespread adoption of Bitcoin is inevitable. So I think the decisions made by Vancouver, the province, and the entire country of Canada are about whether we want to be leaders or laggards?' Sim also stated that he was once a skeptic of cryptocurrencies and said he spent '10,000 hours' studying the subject, ultimately making it a part of his investment portfolio. He also pledged to donate $10,000 worth of Bitcoin to the city of Vancouver. However, the road to Vancouver becoming a Bitcoin-friendly capital is still fraught with obstacles. A spokesperson for the municipal affairs department of British Columbia, where Vancouver is located, stated in a statement: 'Cryptocurrencies are not currently recognized as a form of payment by municipal authorities. Local governments in British Columbia, including Vancouver, cannot hold cryptocurrency financial reserves.' The statement further added that legislation governs how public funds are invested or reinvested, and cryptocurrencies like Bitcoin are not among the approved options. 'The purpose of the legislation is to prevent local government funds from facing undue risks.' Sim clearly dismissed these concerns, stating that being an early adopter means breaking boundaries. 'Governments around the world must catch up. I can tell you that when we wake up five to ten years from now, Bitcoin will be everywhere on Earth.' Related reports: El Salvador receives over $1.6 billion in investments; 'Bitcoin City' delays reopening by two years? Crypto City: Lugano in Switzerland supports BTC payments from 'McDonald's to century-old restaurants' and also allows Bitcoin for tax payments. The first in South America: Rio de Janeiro's mayor: 1% of financial reserves will purchase Bitcoin, plans to allow BTC tax payments. Miami's mayor 'dollar-cost averages BTC' for two years: earns more than cash, holds over 6 Bitcoin. 'Vancouver passes the 'Bitcoin Friendly City' proposal! Considering adding BTC to financial reserves and tax payments.' This article was first published on BlockTempo (BlockTempo - the most influential blockchain news media).

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