Vancouver’s city council approved Mayor Ken Sim’s proposal to explore integrating Bitcoin into the city’s finances, including holding it in reserves and accepting it for payments.
Mayor Sim called Bitcoin a smart move against inflation and pledged to donate $10,000 worth of BTC to the city. City staff will now study whether Vancouver can integrate Bitcoin into its financial strategy.
Vancouver Takes a Step Toward Bitcoin Adoption
Vancouver, recognized as an important hub for blockchain and cryptocurrency innovation in Canada, passed a motion from Mayor Sim to explore the feasibility of integrating Bitcoin into the city’s reserves on Wednesday, December 11.
Sponsored
Mayor Sim suggested that Vancouver consider adopting Bitcoin in its municipal financial strategies, emphasizing the cryptocurrency’s potential to enhance financial stability in unstable markets.
The document stated that Bitcoin has built a solid reputation through its history and is recognized by financial experts as a safeguard against inflation:
“As an open, decentralized, and secure digital asset, Bitcoin has been recognized by many financial experts and analysts as a potential hedge against inflation and currency debasement and represents a viable store of value due to its capped supply and growing adoption in the global economy.”
Sim’s motion also recommended exploring the option of accepting Bitcoin for city payments, such as taxes and utility bills, with the goal of modernizing finances and positioning Vancouver as a “Bitcoin-friendly” city.
The motion received support from six councilors, while two opposed it and three were absent.
City staff will now explore whether and how Vancouver can incorporate Bitcoin into its finances and invest part of its reserves in cryptocurrency.
Mayor – Crypto Investor
Sim has expressed personal commitment to the initiative, pledging to donate $100,000 in cryptocurrency to Vancouver to demonstrate his confidence in Bitcoin’s long-term value.
Mayor Ken Sim is known as a crypto advocate and investor. According to his 2024 financial disclosures, Sim holds an investment in cryptocurrency exchange Coinbase Global Inc.
More Cities Have Bitcoin In Their Reserves
Vancouver is not the only city planning to integrate Bitcoin into its reserves. The document submitted by Mayor Sim mentions that the Swiss city of Zug, one of the first municipalities to accept Bitcoin for public services and taxes, already follows such a strategy.
Seoul, South Korea, has also embraced digital currencies, with local government initiatives exploring blockchain integration in municipal operations.
The Mayor also pointed to El Salvador, which became the first country to make Bitcoin legal tender in 2021.
On the Flipside:
- Regulatory challenges could delay or derail Sim’s vision, as the federal government has ultimate control over financial regulations in Canada.
Why This Matters
Cities integrating Bitcoin into their reserves could position themselves as leaders in financial innovation, attracting tech-driven businesses and investment, while also setting a precedent for other cities or highlighting regulatory barriers.
Check out DailyCoin’s trending topics:
Circle and Binance Partner to Accelerate Global USDC Adoption
