Vancouver considers Bitcoin for city finances
Proponents believe Bitcoin can safeguard purchasing power from inflation and promote innovation.
Vancouver’s city council will soon debate a proposal by Mayor Ken Sim to integrate Bitcoin into municipal finances. Scheduled for 11 December, the motion seeks to diversify financial reserves and explore options such as accepting taxes and fees in Bitcoin or converting a portion of the city’s reserves into digital currency. Sim’s ABC Vancouver party holds a council majority, making the proposal likely to pass.
The initiative highlights Bitcoin’s potential to protect purchasing power from inflation and promote innovation. Vancouver, known as a crypto-friendly hub since hosting the world’s first Bitcoin ATM in 2013, would join other jurisdictions like El Salvador and Switzerland’s Zug in embracing Bitcoin. However, some critics point to environmental concerns tied to Bitcoin mining and British Columbia’s existing moratorium on new mining projects due to electricity usage.
Mayor Sim, an outspoken Bitcoin advocate, described the cryptocurrency as a revolutionary invention during a recent interview. While the motion has sparked debate, legislative hurdles remain, as neither Vancouver’s nor British Columbia’s charters currently permit the use of cryptocurrency for municipal services.
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