Ken Sim, mayor of Vancouver since 2022, has announced that the Canadian city of Vancouver plans to add bitcoin to its balance sheet as part of its investment diversification efforts.
At the Vancouver City Council meeting on Nov. 26, Mayor Sim submitted a notice of motion, scheduled for Dec. 11, titled "Maintaining the City's Purchasing Power through Diversification of Financial Resources: Becoming a Bitcoin Friendly City." As of Nov. 27, the motion does not appear to have been posted on the city's website, and the Vancouver Mayor's office declined to comment.
It is not clear whether the Vancouver mayor's motion is a response to local and federal governments in the US considering legislation to build bitcoin reserves. After the 2024 election, lawmakers in both the Pennsylvania House of Representatives and the US Senate have proposed plans for the government to hold bitcoin as a reserve asset.
Canada's Vancouver mayor plans to launch "Bitcoin Friendly City" initiative
2024-11-27 17:49:30
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