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Mayor Ken Sim urges Vancouver to explore Bitcoin adoption, highlighting its potential to safeguard financial stability amid fiat inflation.
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Vancouver Mayor Ken Sim has urged the city council to explore the integration of Bitcoin into municipal financial strategies, emphasizing the cryptocurrency’s potential to bolster financial stability amid volatile fiat markets.
During a city council meeting on Dec. 11, Sim introduced a motion titled “Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City.” He argued that Bitcoin (BTC) has built a “solid reputation” over its 16-year history and could serve as a safeguard against inflation and currency devaluation.
The initiative aligns with Sim’s history of supporting cryptocurrency adoption. In 2022, he accepted crypto donations during his mayoral campaign, signaling his openness to leveraging digital assets for public benefit.
A snippet of the Council members’ motion – Council Meetings, City of Vancouver. Source: Vancouver City Council
Additionally, he noted several central, state and city governments that benefited from adopting Bitcoin and other cryptocurrencies in various capacities. Examples included Zug and Lugano in Switzerland, the South Korean capital, Seoul, El Salvador, Pennsylvania and several African villages.
Fighting fiat inflation with Bitcoin
According to Sim, recent inflationary pressures on centralized fiat currency systems are having a negative impact on the city’s purchasing power. He recommended diversifying the city’s financial reserve to include Bitcoin.
To make Vancouver a “Bitcoin-friendly city,” Sim suggested new financial strategies, which include but are not limited to accepting taxes and fees in Bitcoin. He believed owning Bitcoin would preserve Vancouver’s “purchasing power and guard against the volatility, debasement, and inflationary pressures of traditional currencies.”
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Sim also said that including Bitcoin in Vancouver’s financial reserves and payment options would ultimately benefit taxpayers “by preserving the value and purchasing power of precious tax dollars.”
Vancouver authorities to study the viability of Bitcoin adoption
The mayor of Vancouver requested a report on the “Bitcoin Friendly City” strategy by the end of the first quarter of 2025, which would include the feasibility, risks and potential benefits of Bitcoin adoption.
The study will encompass but not be limited to a review of the implications of asset management and conversion, developing a comprehensive framework for open Bitcoin storage and liquidation and involving the wider community while building proposals.
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This article first appeared at Cointelegraph.com News
