Vancouver mayor’s idea to create bitcoin reserve for city ‘extremely risky’: law professor [Video]

Mayor Ken Sim wants Vancouver to become a bitcoin-friendly city, and that could include accepting payments for city services in cryptocurrency.

Sim, who’s an investor in a cryptocurrency exchange, believes investing in bitcoin is the financially responsible thing to do in an age of inflation and market volatility, according to a motion he will introduce at city hall on Dec. 11.

But there are concerns that introducing a bitcoin reserve for the city would bring an even greater risk from volatility.

Sim’s proposal asks staff to research how the city could integrate bitcoin into its financial strategies and whether the city should invest in cryptocurrency by converting “a portion” of Vancouver’s financial reserves.

WATCH | Experts and cryptocurrency advocates react to Sim’s plan: The City of Vancouver could soon take a major leap into the world of cryptocurrency. Mayor Ken Sim is introducing a motion to explore making Vancouver a …