Key Takeaways:
- Vancouver Mayor Ken Sim proposes integrating Bitcoin as a reserve asset to diversify the city’s financial resources.
- The motion titled “Becoming a Bitcoin-Friendly City” will be formally introduced on Dec. 11, signaling a push for broader cryptocurrency adoption in city governance.
- Sim’s interest in Bitcoin aligns with his crypto-friendly track record, including campaign donations in crypto and advocating for technological innovation.
Vancouver’s Mayor Ken Sim has proposed incorporating Bitcoin into the city’s financial strategy, aiming to position Vancouver as a “Bitcoin-friendly” hub.
Announced on November 26, the plan involves potentially holding Bitcoin as a reserve asset to diversify the city’s financial resources.
JUST IN: Mayor of Vancouver, Canada proposes motion for the city to hold #Bitcoin as a reserve asset 🇨🇦 pic.twitter.com/748dkXuTn5
— Bitcoin Magazine (@BitcoinMagazine) November 27, 2024
Sim submitted a notice of motion titled “Preserving the City’s Purchasing Power Through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City,” set for formal introduction on December 11.
The proposal aligns with global trends, as discussions in the U.S. have explored Bitcoin as a government reserve asset.
Bitcoin advocate Jeff Booth highlighted the plan’s potential to modernize Vancouver’s financial strategies.
This initiative reflects Sim’s crypto-friendly stance, evident since his 2022 mayoral campaign, during which his political party accepted cryptocurrency donations.
Although Sim has been relatively quiet on crypto policies since taking office, a Global News interview on November 25 revealed a copy of The Bitcoin Standard, a key book among Bitcoin advocates, in his City Hall office.
Sim’s administration claims success in implementing 70% of his campaign goals, but the fate of the Bitcoin motion remains uncertain.
If passed, it could mark a significant step toward integrating cryptocurrency into Vancouver’s governance and financial planning.
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