Vancouver under Mayor Ken Sim is contemplating the inclusion of Bitcoin within the city’s financial framework. This may involve the acceptance of payment of tax, licenses, and permits in Bitcoin.
Vancouver Bitcoin integration
The price of Bitcoin has recently soared beyond the $100,000 mark. This rise coupled with the surging interest in cryptocurrencies has sparked moves from Vancouver.
On December 11, Mayor Sim will propose a motion labeled “Preserving City Purchasing Power Through Diversification of Financial Reserves becoming a Bitcoin-Friendly City.” With the ABC party of the mayor having a majority, the Vancouver Bitcoin integration motion is likely to sail through.
What Will Change?
Upon approval, city officials will look into how Bitcoin can be integrated. It may include-
- Accepting Bitcoin for taxes and fees.
- Converting some of the city’s financial reserves into Bitcoin.
Vancouver is not new to the innovations of crypto. In 2013, it introduced the world’s first Bitcoin ATM. Alongside, there are some of the major blockchain start-ups, including Dapper Labs, which was for the NFT space.
Mayor Ken Sim’s Vision
Mayor Sim feels Bitcoin could be extremely advantageous for Vancouver. He pointed to examples like **El Salvador**, which has significantly reduced its debt by employing Bitcoin as legal tender. Other examples include **Zug, Switzerland**, where residents can pay their taxes with Bitcoin.
Mayor goes on to mention how the adoption of Bitcoin could:
- Demonstrate the city’s openness toward innovation.
- Shield the city from inflation and currency devaluation.
He went ahead to propose what is usually critiqued due to high energy consumption in Bitcoin mining, that Bitcoin mining helps the environment. Miners use the surplus energy from renewable sources to arrest the escalation of harmful methane emissions.
Growing Demand for BTC
The last month saw Donald Trump sworn in as president, and every economy bates for a watch on what he will be doing with Bitcoin and the crypto industry. Discussions about the United States building a strategic Bitcoin reserve have suddenly come into the spotlight.
While this is ongoing, there is much cheer in the market with their appointed candidates that are all bim arms- for example, Paul Atkins, who will serve as the next chief of the SEC from January 2025. Also, on Thursday, Donald Trump appointed David Sacks as the new crypto czar at the White House.
