{"id":318975,"date":"2024-12-12T11:09:33","date_gmt":"2024-12-12T11:09:33","guid":{"rendered":"https:\/\/cryptonews.com\/?post_type=web-story&p=318975\/"},"modified":"2024-12-12T11:09:33","modified_gmt":"2024-12-12T11:09:33","slug":"vancouver-approves-motion-to-consider-becoming-a-bitcoin-friendly-city","status":"publish","type":"web-story","link":"https:\/\/cryptonews.com\/web-stories\/vancouver-approves-motion-to-consider-becoming-a-bitcoin-friendly-city\/","title":{"rendered":"Vancouver Approves Motion to Consider Becoming a Bitcoin-Friendly City"},"content":{"rendered":"
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<\/p><\/amp-story-grid-layer> <\/span><\/p><\/div>\n<\/div>\n <\/p><\/amp-story-grid-layer><\/amp-story-page> <\/p><\/amp-story-grid-layer> Vancouver city council has officially approved a motion to explore becoming a Bitcoin-friendly city.<\/span><\/p>\n<\/div>\n<\/div>\n The motion, introduced by Mayor Ken Sim, was discussed and passed during a council meeting on Tuesday, marking a significant step toward integrating cryptocurrency into the city’s financial ecosystem.<\/span><\/p>\n The proposal includes assessing the feasibility of accepting taxes and fees in Bitcoin and converting a portion of Vancouver’s financial reserves into the digital asset.<\/p>\n<\/div>\n<\/div>\n <\/p><\/amp-story-grid-layer> <\/p><\/amp-story-grid-layer> “Diversifying the City of Vancouver’s financial reserves and payment options to include Bitcoin would not only enhance the resilience of our City’s financial portfolio, it would ultimately benefit the city’s taxpayers,” the motion said.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n According to the motion, holding Bitcoin could help safeguard the city’s purchasing power against the volatility, inflation, and debasement of traditional currencies.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n <\/p><\/amp-story-grid-layer> <\/p><\/amp-story-grid-layer> The council’s decision aligns with broader pro-crypto sentiment, bolstered by the recent re-election of U.S. President Donald Trump, whose stance is expected to favor crypto-friendly regulations.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n Mayor Sim, a vocal advocate for cryptocurrency, has described Bitcoin as “the greatest invention in human history” during an interview with the Coin Stories podcast.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n City staff have been tasked with evaluating the potential risks and benefits of this bitcoin strategy and are expected to present their findings by the end of the first quarter of 2025.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n <\/p><\/amp-story-grid-layer>Vancouver Approves Motion to Consider Becoming a Bitcoin-Friendly City<\/span><\/h2>\n
Bitcoin Could Help Address Inflation Concerns<\/span><\/h3>\n<\/div>\n<\/div>\n