Vancouver City Council Passes Motion to Become 'Bitcoin-Friendly City'

Vancouver City Council Passes Motion to Become 'Bitcoin-Friendly City'

Vancouver, Canada’s third-largest metropolitan area, is taking steps to become a “Bitcoin-friendly city” after its City Council approved a motion that could potentially lead to the integration of bitcoin in municipal finances. The policy, which aims to explore the use of bitcoin in city financial operations, was passed on Wednesday and marks a significant move in embracing cryptocurrency at a governmental level.

Titled “Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming a Bitcoin Friendly City,” the motion received strong support from Vancouver Mayor Ken Sim, who has been a vocal advocate for bitcoin. Speaking after the motion’s passage, Mayor Sim expressed his excitement, stating, “I wanted to do it for a while. You have a bunch of other nation-states, provinces, and states all showing an indication that they’re going to do this as well, and we want to get ahead of it.”

Sim, who has called bitcoin "the greatest invention ever in human history," also shared his belief that traditional fiat currencies are "going to zero." While he has noted that he is not in a position to offer investment advice, he believes bitcoin’s value is currently undervalued and could be worth significantly more in the future.

This bold initiative positions Vancouver at the forefront of cities exploring the potential use of bitcoin and other cryptocurrencies in municipal operations, and it may pave the way for similar efforts in other regions. The motion directs city staff to investigate the feasibility of converting part of Vancouver’s financial reserves into bitcoin, furthering the city’s commitment to exploring digital currency in governance.