Vancouver Mayor Ken Sim recently announced that he will submit an important proposal to the city council on December 11, planning to incorporate Bitcoin into the city's financial reserve system. This proposal aims to protect the city's purchasing power through a diversified investment strategy and to build it into a 'Bitcoin-friendly city.'
Vancouver Steps into the Era of Cryptocurrency
Vancouver, the cryptocurrency stronghold on Canada's west coast, is betting on its future. Ken Sim mentioned that this move is to help Vancouver maintain financial stability amid global economic uncertainties and to avoid over-reliance on a single asset. By introducing crypto assets like Bitcoin, Vancouver hopes to leverage this cutting-edge technology to enhance the city's financial health.
Influenced by Trump's Policies?
The introduction of this proposal may be related to the recent policy stance of the elected U.S. President Trump supporting cryptocurrencies. Trump has publicly expressed support for the development of cryptocurrencies, believing that crypto assets contribute to financial innovation. Vancouver, as Canada's cryptocurrency hub, is facing the momentum of the global cryptocurrency trend.
Strong Support from the City Council
The ABC party, to which Ken Sim belongs, holds a majority in the city council, which greatly increases the likelihood of this proposal being passed. If the city council approves this proposal, Vancouver will become one of the few cities in the world to officially incorporate Bitcoin into its city financial reserves.
This initiative will undoubtedly further solidify Vancouver's leading position in the global cryptocurrency field, while also providing a new reference point for other cities. As the cryptocurrency market matures, more cities may begin to reconsider how to incorporate digital assets like Bitcoin into public financial management.