Vancouver City Council passed a motion proposed by Mayor Ken Sim to explore ways to make Vancouver a “Bitcoin-friendly” city.

The city of Vancouver has passed a motion to delve into ways of making the municipality a Bitcoin-friendly city. The motion was approved on Wednesday to explore Bitcoin’s municipality use cases, such as accepting it as a payment method or directly investing in the asset.

The motion calls for the integration of bitcoin into Vancouver's financial strategies, including establishing a bitcoin reserve.

The city council of major Canadian city Vancouver gave the green light to study Bitcoin's integration in the local financial system.

The motion, introduced by Mayor Ken Sim, received strong backing, with six councilors voting in favor, two opposing, and three absent during the decision. The initiative aims to evaluate Bitcoin's potential as a tool to hedge against inflation and currency devaluation.

Vancouver City Council debates Mayor Ken Sim's proposal to use Bitcoin as a reserve asset to enhance financial strategy and stability.

Mayor Ken Sim introduced the motion to become a “Bitcoin-friendly city” before the Dec. 11 meeting, suggesting it could be a way to safeguard against inflation and currency devaluation. Six councilors supported the motion, two were in opposition, and three were absent.

City staff will now investigate Sim's idea of converting a portion of Vancouver's reserve funds to bitcoin, even though the province says it's not allowed.

The Vancouver City Council has approved a pioneering motion to explore the integration of Bitcoin into the city’s financial framework, signaling a potential shift towards establishing Vancouver as a “Bitcoin-friendly city.