Vancouver Explores Bitcoin Integration As A 'Crypto-Friendly City'

According to Odaily, the Vancouver City Council has passed a motion to become a 'Bitcoin-friendly city' and explore the potential municipal uses of the cryptocurrency. This decision, made on Wednesday, marks a significant step towards embracing digital currencies. Vancouver Mayor Ken Sim expressed his enthusiasm for this initiative during a phone interview on Tuesday, prior to the council vote. He stated, 'I have wanted to do this for some time, but I felt the public wasn't ready for the conversation.' The move comes as various nations, provinces, and states are increasingly vocal about adopting cryptocurrencies, especially in light of recent developments in the United States. Sim emphasized the importance of staying ahead in this trend. Since announcing the motion in late November, Mayor Sim has been a staunch advocate for Bitcoin, describing it as 'the greatest invention in human history.' He also expressed skepticism about traditional fiat currencies, predicting they would eventually become worthless. While acknowledging that Bitcoin's current value might only represent a fraction of its future potential, Sim clarified that he is not qualified to offer investment advice. Previously, Mayor Ken Sim, who has been in office since 2022, announced plans for Vancouver to add Bitcoin to its balance sheet as part of its investment diversification efforts. During a city council meeting on November 26, Sim submitted a notice of motion titled 'Maintaining the City's Purchasing Power Through Financial Resource Diversification: Becoming a Bitcoin-Friendly City,' which is scheduled for presentation on December 11. As of November 27, the motion had not yet been published on the city government's website, and the mayor's office declined to comment. It remains unclear whether Sim's motion is a response to U.S. local and federal governments considering legislation to establish Bitcoin reserves. Following the 2024 elections, lawmakers in the Pennsylvania House of Representatives and the U.S. Senate have proposed plans for the government to hold Bitcoin as a reserve asset.