City council in Vancouver, British Columbia 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, put forward by Mayor Ken Sim, calls for “diversifying the City of Vancouver's financial reserves and payment options to include Bitcoin.”
The motion, which passed a vote, calls for the city’s staff to report back to council on the feasibility of making Vancouver a “Bitcoin-friendly city” by the end of the first quarter of 2025.
“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 mayor’s motion.
Adoption of the motion marks a significant change in Vancouver’s policy towards Bitcoin. The previous mayor, Kennedy Stewart, tried to ban Bitcoin ATMs within the city in 2019.
Vancouver was home to the world's first Bitcoin ATM.
The motion also marks a first for a Canadian municipality. While other cities have discussed cryptocurrencies, none to date have adopted resolutions that consider accepting payments in Bitcoin or other digital assets.
Not everyone is so keen on acquiring Bitcoin. Shareholders of Microsoft (MSFT), which is headquartered in neighbouring Seattle, Washington, recently voted against adding Bitcoin to the company’s balance sheet.
The price of Bitcoin is currently trading at $101,150 U.S., having risen 129% this year.
