The city council of Vancouver, British Columbia, has approved a motion to investigate the potential of using bitcoin for tax and fee payments, as well as establishing a bitcoin reserve. The motion, proposed by Mayor Ken Sim, advocates for expanding the city's financial reserves and payment options to include bitcoin.
It states that not considering the benefits of adding bitcoin to the city's strategic assets would be irresponsible, as it could help maintain the city's financial stability. City staff are required to report back to the council on the feasibility of a 'bitcoin-friendly city' strategy by the end of the first quarter of 2025.
This decision marks a significant shift in the city's policy towards bitcoin, as the previous mayor, Kennedy Stewart, attempted to ban bitcoin ATMs in 2019. Notably, Vancouver is the hometown of former Binance CEO Changpeng 'CZ' Zhao and was the headquarters of the failed cryptocurrency exchange QuadrigaCX.