Vancouver's City Council is considering a motion to integrate Bitcoin into the city's finances for accepting taxes and fees in Bitcoin.
With Bitcoin price BTC $98 379 24h volatility: 4.3% Market cap: $1.95 T Vol. 24h: $153.73 B roaring to its new all-time highs above $100K, following Donald Trump‘s victory last month, Canada’s Vancouver city is now mulling integrating BTC into its finances.
Next week on December 11, Mayor Ken Sim will pass a motion at the Vancouver City Council dubbed “Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City”. Currently, the ABC party led by Sim holds a majority on the council which increases the chances of passing the motion.
Upon approval, the motion would ask the city staff to explore ways to integrate digital assets into Vancouver’s operations. This could include accepting taxes and fees in Bitcoin or converting a portion of the city’s financial reserves into digital currency.
For a long time, Canada’s Vancouver city has emerged as a rich hub for crypto innovation thereby boasting a rich crypto history. Back in 2013, it also introduced the world’s first Bitcoin ATM. It also serves as the headquarters for blockchain startups such as NFT pioneer Dapper Labs Inc.
In his motion, Vancouver City Mayor Ken Sim shares the supposed benefits that Bitcoin has brought to member states that have adopted it. For example, El Salvador has managed to reduce its debt considerably by making Bitcoin a legal tender back in 2021. The country continues to add one Bitcoin daily to its treasury as part of its plan to build a BTC stash. On the other hand, Zug in Switzerland has also started accepting Bitcoin payments for taxes.
The proposal contends that adopting Bitcoin would demonstrate a pro-innovation stance and help protect the city’s purchasing power from the “volatility, devaluation, and inflationary pressures” associated with traditional currencies.
It also highlights that Bitcoin mining, despite its high energy consumption, has produced environmental benefits by utilizing surplus energy from stranded renewable sources and waste methane. Thus, the motion states that along with reducing emissions, Bitcoin supports the financial viability of renewable energy projects.
With Donald Trump winning US elections last month, every major economy is putting close watch on his plans for Bitcoin and the crypto industry. Talks of building a strategic Bitcoin reserve for the US have caught attention recently.
Also, the market is cheering the appointment of pro-crypto candidates like Paul Atkins, who will be the next SEC chief from January 2025. On Thursday, Trump also announced the appointment of David Sacks, as the new crypto czar at the White House.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
