Vancouver Considers Bitcoin Reserve
Date: 2024-12-13 Author: Henry Casey Categories: IN WORLD
In late November, Vancouver Mayor Ken Sim presented a document on an initiative to preserve the city’s financial stability through the use of cryptocurrencies. The document, titled “Preserving the City’s Purchasing Power through Financial Diversification: Becoming a Bitcoin-Friendly City,” proposes considering the possibility of introducing Bitcoin into the municipal economy.
The key points of the initiative include the possibility of paying taxes and fees in Bitcoin, as well as partially converting city reserves into this cryptocurrency. According to the authors of the idea, this approach can become an effective tool for protecting the city’s finances from volatility, inflation, and depreciation of traditional currencies, which is in the interests of taxpayers.
The consideration of all aspects of this initiative, including possible risks and benefits, is planned to be completed by the end of the first quarter of 2025. Mayor Sim, who will take office in 2022, has previously shown interest in cryptocurrencies by accepting Bitcoin donations during his election campaign.
It is worth noting that such ideas are becoming increasingly popular in world politics. For example, one of the candidates for the presidency of Brazil also proposed creating a national reserve in Bitcoin.
This initiative by Vancouver could be an important step towards integrating cryptocurrencies into the financial systems of major cities.
