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Vancouver is moving ahead with plans to become a “Bitcoin-friendly city,” as the City Council has green lighted a motion to explore Bitcoin integration.

On December 11, the motion dubbed “Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City” passed with strong support, securing six votes in favour, two against, and three councillors absent.

The bill was initially proposed by pro-crypto Mayor Ken Sim on November 26, when he argued that integrating Bitcoin into the city’s financial strategies would help the city retain its purchasing power by acting as a hedge against inflation.

Sim is a vocal advocate for cryptocurrencies and has demonstrated his support for the sector by accepting campaign donations in cryptocurrency as early as 2022.

In the proposal, Sim touted Bitcoin’s proven track record as one of the best-performing assets of the past decade, noting that adopting it would benefit the city’s taxpayers.

As part of the city’s plans to become “Bitcoin-friendly,” the proposal also suggests exploring the possibility of accepting Bitcoin for municipal taxes and fees.

During the December 11 City Council meeting, Sim reiterated his stance on Bitcoin and cryptocurrencies, noting that his proposal was in response to Vancouver’s growing affordability challenges and the potential for Bitcoin to address financial instability.

According to him, the move secures “the next 100 years” for the city.

Further, the Mayor noted that city housing prices had increased by 381% between 1995 and 2022, while the value of gold remained relatively flat.

Sim also pointed out that Vancouver’s fixed-income securities, valued at $3.1 billion, had lost $185 million in market value, which highlights the city’s need for diversification.

As such, he believes Bitcoin is the answer to Vancouver’s economic woes.

Showcasing his commitment towards technology, Sim also pledged a $10,000 Bitcoin donation to the city ahead of the voting session.

Among those opposing the motion, Councilor Pete Fry raised concerns over the non-legal tender status of cryptocurrencies, as well as the potential for money laundering and a lack of consultation with law enforcement on the issue.

Meanwhile, Adriane Carr, another Councilor, pointed to the environmental impact of Bitcoin mining and the potential strain it could place on the city’s electricity grid.

Vancouver is one of many governments exploring Bitcoin integration as part of their financial strategies.

El Salvador made history in 2021 as the first country to adopt Bitcoin as legal tender, while Bhutan has been mining the digital currency since 2019.

In the US, several states are considering legislation to establish Bitcoin reserves, with Pennsylvania leading the way by proposing to allocate up to 10% of its funds into Bitcoin.

More recently, Anton Tkachev, Duma state deputy of Russia, urged the nation’s finance minister to consider creating a Bitcoin reserve.

The post Vancouver’s Bitcoin strategy advances with City Council backing appeared first on Invezz

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