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Mayor supports! Vancouver will explore creating a 'BTC-friendly city'
Vancouver, Canada, recently welcomed a groundbreaking policy as the city council officially passed a proposal to explore 'how to make Vancouver a Bitcoin-friendly city' and evaluate 'establishing Bitcoin reserves' and 'accepting BTC as a payment method for taxes and municipal fees'.
This proposal was put forward by Vancouver Mayor Ken Sim, emphasizing the diversification of Vancouver's financial reserves and payment options, and incorporating Bitcoin into them. The proposal reads:
If the city of Vancouver does not carefully assess the value of BTC as a strategic asset to maintain the stability of municipal finances, it would be extremely irresponsible.
The City Council has requested that the municipal team submit a feasibility report on the strategy of creating a 'BTC-friendly city' by the end of the first quarter of 2025, and propose specific implementation plans.
This proposal marks a significant shift in Vancouver's BTC policy. Looking back to 2019, former Mayor Kennedy Stewart attempted to ban BTC ATMs altogether, while Vancouver happens to be the birthplace of the world's first BTC ATM.
The proposal emphasizes that allocating some financial reserves to BTC will help Vancouver maintain financial stability and purchasing power in the face of volatility, depreciation, and inflation pressure from traditional currencies.
The proposal goes further to say, "Diversifying municipal financial reserves and payment options to include BTC not only enhances the resilience of the city's financial structure, but also benefits all taxpayers in the end."
Vancouver Mayor Ken Sim has publicly stated in the past that BTC is the "greatest invention in human history," and this attitude is reflected in the policies he leads.
Mayor Supports! Vancouver to Explore Building a "BTC-Friendly City" This article was first published on "BlockTempo".