Vancouver City Council Votes 6-2 to Explore Bitcoin Integration, Accept Taxes in BTC, and Establish Public Bitcoin Reserve

Dec 12, 2024, 04:45 AM

Vancouver City Council has voted 6-2 to explore the integration of Bitcoin into its municipal financial operations, marking a significant step towards becoming a 'Bitcoin-friendly city.' The motion, introduced by Mayor Ken Sim, aims to assess the feasibility of accepting Bitcoin for tax payments and establishing a public Bitcoin reserve. This initiative comes amid growing interest in cryptocurrency as a means to preserve purchasing power and hedge against fiat currency risks. The council's decision reflects a broader trend of cities considering digital currencies despite potential regulatory challenges.