The City of Vancouver has made a proactive move to accept Bitcoin for payments in the latest move to adopt the coin
Following a recent mayoral proposal, Vancouver, British Columbia’s city council has approved a motion to accept Bitcoin (BTC) to pay taxes and fees. In addition, they have decided to establish a Bitcoin reserve in the city.
Vancouver Makes a Pivotal Shift in Bitcoin Stance
The initiative, led by Mayor Ken Sim, aims to diversify financial reserves and hedge fiat currency volatility and inflation, which are fast becoming of great concern.
In Mayor Sim’s opinion, it would be very irresponsible of the City of Vancouver not to consider the merits of adding Bitcoin to the city’s strategic assets. His strong argument probably compelled the city council to approve the proposal.
Beyond other benefits, the new development reflects the city’s forward-thinking approach. For a city on the verge of banning the use of Bitcoin ATMs in 2019, this recent development is a significant pivot from its usual stance and policies. Meanwhile, Vancouver is home to the first Bitcoin ATMs. By all indications, the city has grown to become more Bitcoin-friendly.
Before approving the Bitcoin integration proposal, the council directed its city staff to conduct a feasibility study.
This exercise focuses on measuring the implications of adopting Bitcoin as a payment option. Sim still believes that the flagship crypto holds the potential to act as a hedge against the debasement of fiat currencies. Also, it would safeguard the city’s purchasing power.
Per the motion, “Diversifying the City of Vancouver’s financial reserves and payment options to include Bitcoin would not only enhance the resilience of our city’s financial portfolio but ultimately benefit taxpayers.”
Results of the feasibility study are due by Q1 2025.
US Crypto Landscape Takes Shape With Trump
Generally, the crypto sector has seen a sizable spike in optimism and mainstream adoption of digital assets.
This came after Republican politician Donald Trump won the 2024 United States election. His pro-crypto stance gives many people confidence that the crypto landscape will increase greatly.
Once he assumes office by January 2025, market watchers and crypto enthusiasts expect a shift in policies to favour cryptocurrencies. Having Paul Atkins as the new chairman of the US Securities and Exchange Commission (SEC) could go a long way in birthing the new crypto-friendly America.
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