Vancouver Mayor Proposes Bitcoin Diversification for City Treasury

Ken Sim, the mayor of Vancouver, Canada, has unveiled a plan to incorporate Bitcoin into the city’s municipal balance sheet. The announcement was made during a council meeting on November 26, as reported.

Details of the initiative, titled “Preserving the City’s Purchasing Power through Financial Resource Diversification: Becoming a Bitcoin-Friendly City,” remain undisclosed.

Editor and writer for the Globe and Mail, Ethan Lou, believes that it is unlikely Vancouver will introduce cryptocurrency payments for taxes or parking fees:

“I wouldn’t be surprised by such a move, but I think the mayor wasn’t referring to that.”

In his view, the creation of a municipal Bitcoin reserve is also improbable. 

Conversely, author and crypto enthusiast Jeff Booth expects Vancouver authorities to adopt the leading cryptocurrency as a reserve asset.

On December 11, the mayor plans to present his proposal for a council vote.

Sim assumed office as mayor in 2022. During his election campaign, he accepted cryptocurrency donations.

Previously, a Brazilian presidential candidate proposed establishing a national Bitcoin reserve.