Vancouver takes step to becoming “Bitcoin-friendly”

Vancouver’s city council has green-lighted a motion to explore the potential of Vancouver becoming a “Bitcoin-friendly city”.

The motion, strongly backed by the mayor, Ken Sim, will allow the city to undertake a comprehensive analysis of the potential to integrate Bitcoin into the city’s financial strategies, such as accepting taxes and fees in Bitcoin as well as potentially converting a portion of the city’s financial reserves.

Speaking to the podcast Coin Stories before the motion was passed, Sim said he was “orange-pilled” – or converted to Bitcoin – five years ago.

“It really opened my eyes up to the benefits of Bitcoin,” he said. “This world with fiat currencies is really dropping off of a cliff, and ties into what I want to achieve for Vancouver. We’re dealing with an affordability crisis because our currency is getting debased. We’re taking a big political risk here, but I’m going to do it anyway because I’m not a [career] politician. What is at stake is the future of our city.”

Vancouver is recognised as an important hub for blockchain and cryptocurrency innovation in Canada, where the world’s first Bitcoin ATM was installed in 2013. It is also home to a number of blockchain companies, such as Dapper Labs (creator of CryptoKitties), HIVE Blockchain, and Victory Square Technologies.

A growing number of cities globally have begun to explore the integration of Bitcoin and other cryptocurrencies into their financial strategies, including Zug in Switzerland–also known as Crypto Valley– which was one of the first municipalities to accept Bitcoin for public services and taxes.

And South Korea’s capital, Seoul, has embraced digital currencies, with local government initiatives exploring blockchain integration in municipal operations. Residents can use Bitcoin for various payments and services, supported by local exchanges and fintech companies.

The motion presented to the city council said that by diversifying the city’s financial reserves and payment options to include Bitcoin would not only enhance the resilience of the city’s financial portfolio but would ultimately benefit the city’s taxpayers by preserving the value and purchasing power of tax dollars.

The motion concludes: “It would be irresponsible for the City of Vancouver to not look at the merits of adding Bitcoin to the city’s strategic assets to preserve the city’s financial stability.”

Image: 99 Art | Dreamstime.com