- Vancouver city council voted in favour of utilizing Bitcoin to safeguard its reserves.
- The city staff explore all the options to make Vancouver a Bitcoin-friendly city.
Vancouver mayor proposing to integrate Bitcoin into the city’s financial system is a well-known fact. After around a week of the mayor’s proposal, the city council finally voted in favour of the motion today. With Trump’s favorable stance on crypto, several countries around the world seem to include cryptocurrencies, in particular Bitcoin, into their financial ecosystem.
Mayor Ken Sim proposed a motion titled, “Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City.” As 6 council members out of 11 voted in favor of the proposal, Vancouver is poised to become Bitcoin friendly.
Vancouver to Adopt Bitcoin For Safeguarding its Reserves
The motion proposed by the mayor covered in detail how various cities or countries across the world are adopting Bitcoin. El Salvador, Seoul in South Korea, Zug in Switzerland, the City of Lugano are some of the names included in the motion. In addition, Vancouver is already standing in the frontline in terms of blockchain and crypto development.
Vancouver was the first city to install a Bitcoin ATM in a Vancouver coffee shop in 2013. Some of the prominent crypto projects such as CryptoKitties creator Dapper Labs, HIVE Blockchain, and Victory Square Technologies have hailed from Vancouver. Now, with the Bitcoin-friendly city proposal, the city aims to foster its place in ever evolving blockchain and crypto space.
The proposal clearly outlined how the traditional financial system is facing increasing challenges involving fiat currencies. Moreover, the inflationary pressures and expansive monetary policy are leading to currency debasement. On that ground, the mayor’s proposal encouraged council members to make the city favorable to Bitcoin to safeguard its financial reserves.
Vancouver Staff to Report Back on the Feasibility of Bitcoin to Council in Q1 2025
Since motion passed with 6 council members voting in favor of the proposal, the staff is directed to explore all the possibilities, risks, and benefits of making the city Bitcoin friendly. The council expects staff to report back to it in Q1 2025 on the same.
The staff are going to consult with crypto experts, financial advisors, and relevant stakeholders to understand the potential implications of adopting Bitcoin. Keeping in mind the importance of transparency, the staff are also advised to keep the public informed about the developments.
With Trump’s pro-crypto stance in the US, and falling fiat currencies, we might see more and more countries exploring and adopting Bitcoin due to its unique features such as limited supply, robust security, and decentralized operating system.
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