Vancouver Mayor Considers Implementing Bitcoin for City Policies
Vancouver Mayor Ken Sim is looking into the idea of incorporating Bitcoin into the city’s financial plans. In a recent city council meeting on November 26th, Mayor Sim introduced a motion called “Preserving of the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” which will be officially presented on December 11th.
The specifics of the proposal are not yet available on the city’s website, but Bitcoin advocate Jeff Booth mentioned during a recent discussion that the motion aims to include Bitcoin as a reserve asset for the city. While Mayor Sim’s office has not provided any official comments on the motion, this potential move is part of a larger trend.
In fact, U.S. lawmakers from Pennsylvania and the U.S. Senate have also been considering the idea of adding Bitcoin to their reserve assets, showing a growing interest in Bitcoin among governments. Mayor Sim’s party, A Better City, accepted Bitcoin and cryptocurrency donations during the 2022 campaign, highlighting their commitment to embracing technology.
Although Mayor Sim has not frequently addressed Bitcoin-related policies since taking office, a recent interview with Global News revealed a copy of “The Bitcoin Standard” by Saifedean Ammous in his office. While this book is often referenced in Bitcoin discussions, its presence does not necessarily indicate specific policy intentions.
It remains to be seen whether this motion will receive enough support in the city council, but Mayor Sim has noted that his administration has made progress on over 70% of its outlined goals. The reception to this Bitcoin proposal, however, is still up in the air. Stay tuned for updates on how Vancouver’s financial strategy evolves with the potential addition of Bitcoin as a reserve asset.
