🔥 Vancouver Mayor Offers Adding Bitcoin to the City’s Reserves
posted 6 Dec 2024
The Canadian city of Vancouver is considering diversifying its financial reserves and payment options through Bitcoin.
Related: Crypto ETNs vs Crypto ETFs: Understanding the Differences
Also, the evolution of crypto regulatory frameworks has helped establish Bitcoin as a legitimate asset.
The motion proposes conducting a thorough analysis of how Bitcoin can be integrated into Vancouver’s financial strategy. This would include accepting taxes and fees in Bitcoin and incorporating it into the city’s financial reserves.
As examples of Bitcoin adoption, the motion cites Switzerland’s Zug, South Korea’s Seoul, and El Salvador, where Bitcoin use is actively encouraged.
The proposal also examines Bitcoin mining, noting its environmental benefits, such as the ability to use low-cost excess energy from renewable sources.
Vancouver has long been a crypto hub, with the first Bitcoin ATM installed in a local coffee shop in 2013. The city is home to many well-known crypto startups, including Dapper Labs and HIVE Blockchain.
Ken Sim’s proposal suggests that adding Bitcoin to Vancouver’s financial strategy could strengthen the city's finances by protecting taxpayers' money from the volatility of traditional currencies.
Ken Sim, the Mayor of the city, submitted a motion to the City Council Committee, proposing a Bitcoin-friendly strategy.
Vancouver Mayor Ken Sim’s motion to diversify financial reserves. Source: Vancouver City
The motion highlights that, in its 16 years of existence, Bitcoin has been the best-performing asset, with major institutions such as BlackRock, Fidelity, and Deutsche Bank investing in Bitcoin and Bitcoin ETFs (Exchange-Traded Funds).
Related: Crypto ETNs vs Crypto ETFs: Understanding the Differences
Also, the evolution of crypto regulatory frameworks has helped establish Bitcoin as a legitimate asset.
The motion proposes conducting a thorough analysis of how Bitcoin can be integrated into Vancouver’s financial strategy. This would include accepting taxes and fees in Bitcoin and incorporating it into the city’s financial reserves.
As examples of Bitcoin adoption, the motion cites Switzerland’s Zug, South Korea’s Seoul, and El Salvador, where Bitcoin use is actively encouraged.
The proposal also examines Bitcoin mining, noting its environmental benefits, such as the ability to use low-cost excess energy from renewable sources.
Vancouver has long been a crypto hub, with the first Bitcoin ATM installed in a local coffee shop in 2013. The city is home to many well-known crypto startups, including Dapper Labs and HIVE Blockchain.
Ken Sim’s proposal suggests that adding Bitcoin to Vancouver’s financial strategy could strengthen the city's finances by protecting taxpayers' money from the volatility of traditional currencies.
More breaking news
More breaking news
Breaking news
📣 CyberKongz NFT Project Under SEC Scrutiny
