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The city council of major Canadian city Vancouver gave the green light to study Bitcoin’s (BTC) integration in the local financial system.
The just-approved motion was submitted by city’s Mayor Ken Sim last month and proposes accepting taxes and fees in Bitcoin and converting a portion of Vancouver’s financial reserves to BTC.
Sim’s political party — A Better City — had already garnered the attention of the crypto community when, back in April 2022, it started accepting cryptocurrency donations. He said at the time:
“We want to demonstrate our commitment to technology both in terms of embracing it to help improve service at City Hall and to promote Vancouver as a tech center. […] Whether it’s automating applications processes, or using AI to optimize city planning, we need to use technology to remain ahead of the curve.”
The details
The motion explains that the hope is that holding a portion of the city’s reserves in Bitcoin will preserve some of its purchasing power against the volatility, debasement and inflation of traditional currencies. The document reads:
“Diversifying the City of Vancouver’s financial reserves and payment options, including Bitcoin, would not only enhance the resilience of our city’s financial portfolio but also ultimately benefit the city’s taxpayers.”
Before fully implementing such drastic measures, the measure requests that city staff assess the risk and feasibility of the project and report the results by the first quarter of 2025.
Market data shows that Bitcoin is trading at nearly $101,200 after gaining 2.6% over the last 24 hours to press time. The world’s first cryptocurrency also lost 1.75% over the last seven days.
The Crypto Fear & Greed Index stands at 83, indicating that the crypto market is now overrun by greed. In such cases, the instrument is being interpreted as a warning of a possible imminent correction — but no instrument can guarantee any kind of market performance. The website reads:
“When Investors are getting too greedy, that means the market is due for a correction.”
