Canada’s Vancouver City Council has passed a motion proposed by Mayor Ken Sim to position the city as a "Bitcoin-friendly city". The municipal government will now explore accepting Bitcoin for tax payments and potentially adding BTC to its fiscal reserves.
Vancouver Leads the Charge as a Bitcoin-Friendly Hub
Mayor Ken Sim, a self-proclaimed Bitcoin enthusiast, publicly praised Bitcoin as "humanity’s greatest invention" and warned about fiat currencies "racing to zero." His 2024 financial disclosures revealed investments in Coinbase Global and Canadian Bitcoin ETFs.
The approved motion, titled "Protecting the City’s Purchasing Power Through Financial Reserve Diversification — Becoming a Bitcoin-Friendly City," highlights Bitcoin’s potential to enhance financial stability amid fiat market volatility. Sim argued:
"It would be irresponsible for Vancouver not to consider adding Bitcoin to its strategic assets to safeguard financial stability."
The motion cites global examples like Switzerland’s "Crypto Valley" (Zug), Lugano’s Plan B initiative, and El Salvador’s Bitcoin legal tender adoption.
Key Developments:
- City staff will study crypto integration (e.g., BTC tax payments) and BTC reserve allocation.
- A report will be submitted by Q1 2025.
- Vancouver hosts North America’s first Bitcoin ATM (2013) and blockchain startups like Dapper Labs.
Mayor Sim’s Vision: Adoption Is Inevitable
Sim emphasized urgency due to pro-Bitcoin policies under U.S. President Trump:
"Bitcoin’s mass adoption is inevitable. The question is whether Vancouver wants to lead or lag."
He pledged to donate 10,000 CAD in Bitcoin to the city and dismissed skeptics:
"Governments must catch up. In 5–10 years, Bitcoin will be ubiquitous."
Challenges Ahead
Provincial Hurdles:
British Columbia’s Municipal Affairs Ministry stated:
- Crypto isn’t recognized for municipal payments.
- Local governments cannot hold crypto reserves under current laws.
Sim remains undeterred:
"Early adopters push boundaries. Legislative changes will follow demand."
FAQ: Vancouver’s Bitcoin Initiative
1. Can Vancouver residents pay taxes with Bitcoin?
The city will explore this option, with findings expected by early 2025.
2. How much Bitcoin might Vancouver hold in reserves?
The motion suggests allocating a "portion" of reserves, but specifics depend on the staff report.
3. What’s the legal barrier?
Provincial laws currently prohibit crypto holdings by municipalities, requiring potential legislative amendments.
4. Why is Vancouver pursuing this?
To hedge against fiat inflation and position itself as a blockchain innovation hub.
5. Has any other Canadian city done this?
No. Vancouver aims to be Canada’s first Bitcoin-friendly city.
6. What’s Mayor Sim’s personal stake in Bitcoin?
He holds Bitcoin ETFs and Coinbase stock, calling BTC a long-term store of value.
👉 Discover how cities worldwide are embracing Bitcoin
👉 Explore Bitcoin’s role in modern finance
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