The Vancouver City Council yesterday approved a motion put forward by Mayor Ken Sim to explore ways to become more “bitcoin-friendly.”
This includes researching the feasibility of holding cryptocurrency in the city’s reserve and accepting it as a form of payment. Sim, who personally invests in cryptocurrency, believes that this move is financially responsible given the current state of inflation and market volatility.
He even pledged to donate $10,000 worth of bitcoins to the city. City staff will now conduct research to determine how bitcoin can be integrated into the city’s financial strategies, including the possibility of investing a portion of the city’s reserves in cryptocurrency.
Sim’s motion emphasizes that it would be irresponsible for the city not to consider the benefits of adding bitcoin to the city’s strategic assets in order to maintain financial stability.
