Vancouver, British Columbia’s city council has passed a motion to explore the possibility of accepting bitcoin (BTC) for payment of taxes and fees as well as establishing a bitcoin reserve. This marks a significant change in City policy towards BTC, as Vancouver’s prior Mayor, Kennedy Stewart tried to outright ban bitcoin ATMs within city limits in 2019.
Vancouver, British Columbia’s city council has passed a motion to explore the possibility of accepting bitcoin (BTC) for payment of taxes and fees as well as establishing a bitcoin reserve. The motion, prepared by Mayor Ken Sim, calls for “diversifying the City of Vancouver’s financial reserves and payment options to include bitcoin.” It would be irresponsible for the City of Vancouver to not look at the merits of adding bitcoin to the City’s strategic assets to preserve the City’s financial stability,” reads the motion. The motion calls for City staff to report back to the Council on the feasibility of a “bitcoin-friendly city” strategy by the end of the first quarter of 2025. This marks a significant change in City policy towards BTC, as Vancouver’s prior Mayor, Kennedy Stewart tried to outright ban bitcoin ATMs within city limits in 2019. Vancouver is also notable for being: The childhood home of former Binance CEO Changpeng ‘CZ’ Zhao Where the failed crypto exchange QuadrigaCX was headquartered This change in policy comes after Vancouver’s prior Mayor, Kennedy Stewart, attempted to ban bitcoin ATMs within city limits in 2019. The motion, prepared by Mayor Ken Sim, aims to explore the possibility of accepting bitcoin (BTC) for payment of taxes and fees. It also calls for establishing a bitcoin reserve to diversify the City of Vancouver’s financial reserves and payment options. City staff are required to report back to the Council on the feasibility of a “bitcoin-friendly city” strategy by the end of the first quarter of 2025.
