One of Donald Trump's biggest promises, the strategic Bitcoin (BTC) reserve issue, was tried to be implemented in many countries, and Canada was one of them.
At this point, last month, Ken Sim, the mayor of Vancouver, Canada's third largest city, announced plans to add Bitcoin to the city's balance sheet in order to diversify the city's investment portfolio and become a Bitcoin-friendly city.
The expected good news has arrived and Vancouver city council has passed this motion aiming to make Vancouver a “Bitcoin friendly city.”
The proposal that was approved directs the City of Vancouver to create a Bitcoin reserve and explore accepting Bitcoin for payment of taxes and city fees.
According to the accepted proposal, municipal staff must report to the Council on the feasibility of the “Bitcoin-friendly city” strategy by the end of the first quarter of 2025.
Calling Bitcoin “the greatest invention in human history,” Sim suggested in November that the cryptocurrency be added to the Canadian city's balance sheet, saying, “It would be irresponsible for the City of Vancouver not to consider the benefits of adding Bitcoin to the city's strategic assets to maintain the city's financial stability.”
Vancouver is also the city where former Binance CEO CZ spent his childhood.
*This is not investment advice.
