Vancouver City Council has approved a motion to explore integrating Bitcoin into the city’s financial operations. The proposal, which is under consideration until the first quarter of 2025, includes the possibility of creating a Bitcoin reserve and payment option. The mayor of the city was very positive about the motion, arguing that it would be irresponsible not to deal with cryptocurrencies in an era of inflation.
Six councillors supported the motion, two opposed it, and three did not attend the meeting. The mayor suggested that the motion was made for “future challenges” and to protect against inflation and currency depreciation. He also mentioned that his family would donate $10,000 worth of Bitcoin to the city regardless of the decision.
Two councillors opposed the motion, citing concerns about the potential use of cryptocurrencies in illicit activities and the environmental impact of Bitcoin mining.
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