- Mayor Ken Sim made a pro-Bitcoin motion
- He suggested looking at various pro-crypto strategies
- Specifically converting some of the reserves to Bitcoin
- Also, integrating Bitcoin payments into financial systems
Vancouver councilors passed Mayor Ken Sim’s Bitcoin motion aimed at making the city more Bitcoin-friendly. Among his proposals are converting a portion of the city’s financial reserves to Bitcoin and adapting financial systems to integrate crypto payments.
Also, he has promised to personally donate $10K worth of Bitcoin, being a crypto investor himself and working with Coinbase Global Inc.
More About Mayor Ken Sim’s Motion
Vancouver councilors passed Mayor Ken Sim’s Bitcoin motion this Wednesday. He suggested looking at strategies to use Bitcoin to hold a portion of the city’s financial reserve as well as accept payments.
He insists it’s important to consider the possibility as a means of enhancing the city’s financial stability and avoiding the effects of inflation, even given the volatility of the crypto market.
“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.”
Also, being a crypto investor and working with Coinbase Global Inc., he further stimulated interest by pledging to donate $10K worth of Bitcoin.
“Our family is going to donate $10,000 to the City of Vancouver in the form of Bitcoin, and this is going to be a gift to the city that we love.”
Conclusion
An initiative like this and its quality implementation could potentially include Vancouver in the crypto industry, diversify financial risk, and increase strategic value.
Is this just the first step on the crypto journey, or will it remain a one-off initiative? We’ll be watching the developing. Stay tuned.
The information provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more
