Vancouver councillors passed a motion from Mayor Ken Sim on Wednesday that seeks to make the city “bitcoin-friendly,” giving staff the thumbs up to explore holding cryptocurrency in reserve and accepting payments in the virtual currency.
Sim, who’s an investor in a cryptocurrency exchange, said he believes investing in bitcoin is the financially responsible thing to do in an age of inflation and market volatility, and even said he would donate $10,000 worth of bitcoins personally to the city.
City staff will now have to research if the city could integrate bitcoin into its financial strategies and whether the city could invest in cryptocurrency by converting “a portion” of Vancouver’s financial reserves.
“It would be irresponsible for the City of Vancouver to not look at the merits of adding bitcoin to the city’s strategic assets to preserve the city’s financial stability,” Sim’s motion reads.
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