Vancouver is aiming to be North America’s bitcoin capital. City Council approved Mayor Ken Sim’s motion to explore bitcoin-friendly policies, including accepting bitcoin for taxes and holding it in reserves.
Sim, a vocal crypto enthusiast, believes bitcoin’s performance and inflation hedge make it a smart addition to the city’s portfolio. Vancouver’s crypto history includes hosting the first bitcoin ATM and Canada’s first crypto-accepting nightclub.Critics warn of risks from bitcoin’s volatility and legal challenges under municipal and federal laws. The council’s findings will determine if Vancouver can lead in municipal cryptocurrency adoption.
Want to know more? Check out the source code on The Peak.