Vancouver's Mayor Takes a Bold Step Towards Bitcoin Adoption: What This Means for the City
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Vancouver's Mayor Takes a Bold Step Towards Bitcoin Adoption: What This Means for the City

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Summary:

  • Vancouver Mayor Ken Sim is considering Bitcoin as part of the city's financial strategy.

  • A motion titled “Becoming a Bitcoin-friendly city” will be presented on December 11th.

  • Jeff Booth supports the proposal to adopt Bitcoin as a reserve asset.

  • Similar discussions are happening among U.S. lawmakers about Bitcoin as a reserve.

  • Sim's party accepted Bitcoin donations during his 2022 campaign.

Vancouver's Mayor Ken Sim is taking significant steps to explore the incorporation of Bitcoin into the city's financial strategy. During a city council meeting on November 26th, he introduced a motion titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” which is set to be formally presented on December 11th.

While the specifics of the proposal have yet to be published on the city’s website, Bitcoin advocate Jeff Booth highlighted the motion during a discussion on X Spaces, emphasizing the potential of adopting Bitcoin as a reserve asset. However, Mayor Sim's office has not yet commented on this motion.

This proposal aligns with recent discussions among U.S. lawmakers about the viability of holding Bitcoin as a reserve asset, with similar ideas being proposed in Pennsylvania and the U.S. Senate.

Interestingly, during his 2022 campaign, Sim's political party, A Better City, accepted Bitcoin and cryptocurrency donations, showcasing a commitment to technological advancement. Despite this, since taking office, Sim has rarely addressed policies related to Bitcoin.

In a recent interview with Global News, a copy of The Bitcoin Standard by Saifedean Ammous was spotted in Sim's office, suggesting an interest in Bitcoin discussions, although it doesn't confirm any specific policy intentions.

The future of this motion remains uncertain as it seeks support within the city council. Sim has claimed that over 70% of his campaign goals have been met, but the reception to the Bitcoin proposal is still ambiguous.

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