Just In: Vancouver Mayor Ken Sim Proposes Bitcoin As Reserve Asset

Vancouver Mayor Ken Sim has announced plans to explore Bitcoin as part of the city’s financial strategy, marking a shift toward cryptocurrency adoption.

A motion titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city” is set to be presented to Vancouver City Council on December 11, 2024.

Vancouver Mayor Proposes Bitcoin As Reserve Asset

At a November 26 council meeting, Mayor Sim submitted a notice of motion to consider Bitcoin as a reserve asset for the city. The motion aims to explore how Bitcoin could diversify Vancouver’s financial resources and protect the city’s purchasing power.

Although the full text of the proposal is not yet available on the city’s official website, Bitcoin advocate Jeff Booth, who spoke during a November 26 discussion on X Spaces, described the motion as a step toward including Bitcoin in the city’s reserves. Mayor Sim’s office has not issued a formal statement on the motion.

This development comes as governments in the United States and other jurisdictions have begun evaluating the role of Bitcoin in public financial strategies. Recent proposals by Pennsylvania lawmakers and U.S. senators have suggested holding Bitcoin as a reserve asset, signalling a growing interest in cryptocurrency among public officials.

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