The Vancouver City Council has approved a motion to explore the incorporation of Bitcoin into its financial systems. The decision, made during a council meeting on Dec. 10, follows Mayor Ken Sim’s proposal to evaluate how Bitcoin could be utilized for municipal operations.
The motion seeks to assess the feasibility of accepting taxes and fees in Bitcoin, as well as the possibility of converting a portion of the city’s financial reserves into the digital currency.
The initiative is positioned as a strategy to help preserve Vancouver’s purchasing power amid traditional currency volatility and inflationary pressures.
According to the proposal, diversifying the city's financial portfolio to include Bitcoin could enhance its resilience, benefiting taxpayers.
The council has tasked city staff with conducting a thorough assessment, expected to be reported by the end of the first quarter of 2025. This report will evaluate the potential risks and benefits of adopting Bitcoin as part of the city’s financial strategy.
The approval of this motion comes at a time when interest in cryptocurrencies is growing, particularly following the reelection of pro-crypto candidate Donald Trump as U.S. President. This political development has spurred optimism in crypto markets, with expectations of more favorable regulations on the horizon.
As of 1 a.m. UTC, Bitcoin prices have seen a notable increase, rising 4.44% in the last 24 hours to reach $100,791. Mayor Sim has previously described Bitcoin as a transformative development in modern finance, emphasizing its potential impact on municipal economic strategies.
The city’s exploration into Bitcoin marks a notable step in the evolving relationship between local governments and cryptocurrency.