Crypto News Today: Vancouver Mayor Proposes ‘Bitcoin-Friendly City’ Initiative

Ken Sim, Vancouver’s mayor since 2022, has announced plans to integrate Bitcoin (BTC) into the city’s financial strategy. During a Nov. 26 council meeting, Sim proposed a motion titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.” The motion, set for introduction on Dec. 11, suggests adding Bitcoin to Vancouver's balance sheet as a reserve asset.The motion aims to diversify the city’s investments while exploring innovative financial strategies. This move aligns with similar discussions in U.S. local governments, where lawmakers are considering Bitcoin reserves post-2024 elections.Ken Sim’s Crypto-Friendly BackgroundDuring his 2022 mayoral campaign under the “A Better City” party, Sim accepted crypto donations, signaling his commitment to technology and innovation. A visible copy of Saifedean Ammous’s "The Bitcoin Standard" in his City Hall office further underscores his interest in Bitcoin adoption.Challenges and ImplicationsSupport in City CouncilIt remains uncertain whether the motion will gain enough backing to pass in the Vancouver City Council. Sim’s track record shows 70% fulfillment of his campaign promises, lending credibility to his efforts.Broader ContextIf adopted, Vancouver would join global efforts to embrace cryptocurrency, potentially enhancing the city’s economic diversification and technological reputation. However, opposition may arise due to Bitcoin’s volatility and regulatory uncertainties.A Step Toward Financial Innovation?Ken Sim’s proposed motion could position Vancouver as a pioneer in municipal Bitcoin adoption. As the Dec. 11 council session approaches, the crypto community and local stakeholders will closely watch for the outcome of this bold initiative, according to Cointelegraph.