Vancouver City Council Explores Bitcoin Reserve Possibilities

The city council of Vancouver, Canada, has accepted the mayor’s proposal to explore the integration of Bitcoin into the financial system.

#VanCityCouncil approves motion 3. Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City.

— Vancouver City Clerk (@VanCityClerk) December 11, 2024

On November 26, municipal leader Ken Sim presented a document titled “Preserving the City’s Purchasing Power Through Diversification of Financial Reserves: Becoming a Bitcoin Friendly City.”

The initiative suggests the possibility of accepting taxes and fees in the first cryptocurrency, as well as converting part of the city’s reserves into the asset.

This move would “preserve Vancouver’s purchasing power amidst the volatility, depreciation, and inflationary pressures of traditional currencies in the interest of taxpayers.”

An assessment of the feasibility, risks, and potential benefits of the Bitcoin initiative is expected by the end of the first quarter of 2025.

Ken Sim became the mayor of Vancouver in 2022, accepting cryptocurrency donations during his election campaign.

Previously, a presidential candidate in Brazil proposed the creation of a national Bitcoin reserve.