- Ken Sim is encouraging the city council to investigate BTC incorporation into municipal financial policies.
- This endeavor is in line with Sim’s previous statements on the importance of bitcoin.
In light of Bitcoin’s capacity to provide financial stability in the face of unstable fiat markets, Mayor Ken Sim of Vancouver, Canada, is encouraging the city council to investigate its incorporation into municipal financial policies.
“Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City” was the title of Sim’s motion that is going to be presented at the Dec. 11 council meeting. He said that Bitcoin’s “solid reputation” over the last 16 years suggests it might protect against currency depreciation and inflation.
Banking on Bitcoin’s Potential
This endeavor is in line with Sim’s previous statements on the importance of bitcoin. He showed his willingness to use digital assets for the common good in 2022, By accepting crypto contributions during his mayoral campaign. He went on to say that many federal, state, and local governments have profited in different ways. From using Bitcoin and other cryptocurrencies.
The buying power of the city’s residents has been hit hard by inflationary pressures on centralized fiat currency regimes, claims Sim. He suggested adding Bitcoin to the city’s financial reserve for diversification.
As part of his plan to transform Vancouver into a “Bitcoin-friendly city,” Sim proposed innovative monetary policies. Such as the possibility of paying taxes and fees using Bitcoin. He said that Bitcoin ownership would protect the buying power of Vancouverites. Especially, from the inflationary, debasement, and volatility that plague more conventional currencies.
By conserving the value and buying power of precious tax dollars, Sim said, referring to the long-term advantage to taxpayers from incorporating Bitcoin into Vancouver’s financial reserves and payment alternatives. A report outlining the “Bitcoin Friendly City” plan, including the pros, cons, and feasibility of Bitcoin adoption, was requested by Sim. And is due by the end of the first quarter of 2025.
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