The Vancouver City Council approved a motion to explore integrating Bitcoin into its financial operations. The measure, introduced by Mayor Ken Sim and passed at the December 11, 2024 Standing Committee meeting, directs staff to investigate accepting BTC for city taxes and fees and the feasibility of incorporating it into the city’s financial reserves.

The motion secured support from six councilors, while two opposed and three were absent. The decision represents only the initial step toward assessing Bitcoin’s potential role in safeguarding the City of Vancouver’s purchasing power.

Next Bitcoin City?

Mayor Ken Sim emphasized that the initiative is exploratory rather than a firm commitment. He stated: “I’m in motion that could help protect Vancouver’s financial future for the next 100 years and keep life affordable for our residents, becoming a Bitcoin-friendly city.”

According to Mayor Sim, the move would examine whether Bitcoin could serve as a hedge against inflation and currency debasement, issues he highlighted as undermining the long-term value of the city’s traditional reserves. “That means the money we save today will not buy as much in the future,” said Sim.

In remarks made prior to the vote, Mayor Sim offered a robust defense of BTC’s attributes: “Bitcoin, on the other hand, is a digital asset that works differently. It’s decentralized, meaning it’s not controlled by any one person, government, or corporation, and its supply is finite.” He went on to note the asset’s historical performance: “Over the last 16 years, Bitcoin has been the best performing financial asset on the planet, and major companies and countries and cities are starting to use it as a way to protect their financial resources.”

The mayor referenced diverse global jurisdictions—ranging from El Salvador and Go to Source to See Full Article
Author: Jake Simmons