The City of Vancouver is preparing to become a "Bitcoin-friendly city"

betswift

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Quote from: EluguHcman on December 16, 2024, 02:39:24 AM

So much I love the fact that the Mayor has got the insight excited potentials of Bitcoin being served as store and restorations of values of economically adopted on their (Vancouver) reserve as he foresees the upbringings of it to already adopted countries such as the El Salvador and has thought of holding an edge of his nation also adopting Bitcoins reserve.

Right there he was not just being carried away out of these positive news about Bitcoin but has also intersected on knowing the potential risks so that during when this awkward time is active it does not have to cause them economy crisis.

Meanwhile.... As other countries are facilitating on this adoption of Bitcoin, I am just wondering if my own country will ever any day take this path foreseeing the merits possessions of Bitcoin.

A decade or two - and all the countries would be doing something with BTC, in my opinion.
Each bull run anticipates people and organizations alike to see the potential of BTC and how they themselves would be able to use it.
Though it may not be the adoption we dreamt about - it's a start.

EluguHcman

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So much I love the fact that the Mayor has got the insight excited potentials of Bitcoin being served as store and restorations of values of economically adopted on their (Vancouver) reserve as he foresees the upbringings of it to already adopted countries such as the El Salvador and has thought of holding an edge of his nation also adopting Bitcoins reserve.

Right there he was not just being carried away out of these positive news about Bitcoin but has also intersected on knowing the potential risks so that during when this awkward time is active it does not have to cause them economy crisis.

Meanwhile.... As other countries are facilitating on this adoption of Bitcoin, I am just wondering if my own country will ever any day take this path foreseeing the merits possessions of Bitcoin.

betswift

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Quote from: Ale88 on December 14, 2024, 04:47:59 PM

Quote from: nullama on December 12, 2024, 03:31:51 AM

I think many cities and countries around the world are waking up to this reality. Fiat is losing traction, and Bitcoin is getting everywhere.

I hope you are right but I think it will take a good amount of time: there are too many people against bitcoin, and usually these people have personal interests going against bitcoin, especially if we're talking about politicians. It would be interesting to see if other mayors/politicians will actively push bitcoin in their agenda, I'm quite sure many people could vote for them because of this.

People in high places can be going for the BTC agenda as well, but they would see it only as a profit scheme of sorts; nothing personal or enthusiastic about it would be on their minds.
And much time is needed for even for that to happen - I do agree.

tread93

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Quote from: nullama on December 12, 2024, 03:31:51 AM

On December 11th, 2024, Mayor Ken Sim introduced a motion to the council of the City of Vancouver titled "Preserving of the City's Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City", available here: https://council.vancouver.ca/20241211/documents/cfscA3.pdf

In that motion, the Mayor requested a report to be made by the end of the first quarter of 2025 to investigate the potential risks and benefits of including Bitcoin as part of the savings of the City of Vancouver to fix the problems of inflation.

He goes on to list El Salvador, Lugano, and others, as successful examples of Bitcoin adoption, and he quoted Satoshi Nakamoto's white paper in the motion.

And it ends with this:

I think many cities and countries around the world are waking up to this reality. Fiat is losing traction, and Bitcoin is getting everywhere.

Very cool to see these types of proposals coming to light and i bet we will continue to see more and more of these types of motions from all around the world. City after city and nation after nation all adopting bitcoin trying to adopt a solid DCA strategy and that is the winning strategy long term here

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Quote from: nullama on December 12, 2024, 03:31:51 AM

I think many cities and countries around the world are waking up to this reality. Fiat is losing traction, and Bitcoin is getting everywhere.

I hope you are right but I think it will take a good amount of time: there are too many people against bitcoin, and usually these people have personal interests going against bitcoin, especially if we're talking about politicians. It would be interesting to see if other mayors/politicians will actively push bitcoin in their agenda, I'm quite sure many people could vote for them because of this.

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Quote from: rodskee on December 13, 2024, 02:46:49 AM

Quote from: nullama on December 12, 2024, 03:31:51 AM

I think many cities and countries around the world are waking up to this reality. Fiat is losing traction, and Bitcoin is getting everywhere.

it is only the mayor that was pushing the city to be involved with bitcoin and not the prime minister so i would give my respects to the mayor for standing up with what he thinks would be the best for his city if not the entire country then he would do anything to push his country forward they just need to hope that the rest of country follows suit and make the entire country crypto friendly

Meanwhile,it's also a big win for Bitcoin at large; Bitcoin always wanting to win is a good attachment and mind you,the best form of research, Bitcoin awareness and all of that could literally be of great help to the city and citizens should be applied and laid for adoption and adoption.Its the major improvement that we seek at all times.

Synchronice

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Quote from: nullama on December 12, 2024, 03:31:51 AM

On December 11th, 2024, Mayor Ken Sim introduced a motion to the council of the City of Vancouver titled "Preserving of the City's Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City", available here: https://council.vancouver.ca/20241211/documents/cfscA3.pdf

In that motion, the Mayor requested a report to be made by the end of the first quarter of 2025 to investigate the potential risks and benefits of including Bitcoin as part of the savings of the City of Vancouver to fix the problems of inflation.

He goes on to list El Salvador, Lugano, and others, as successful examples of Bitcoin adoption, and he quoted Satoshi Nakamoto's white paper in the motion.

And it ends with this:

I think many cities and countries around the world are waking up to this reality. Fiat is losing traction, and Bitcoin is getting everywhere.

Yes, it's really a shame for Vancouver to not be a Bitcoin-friendly city. Vancouver is a hub for tech and sustainability, they are very good in game production (Ubisoft Montreal, BioWare, Beenox, Radical Entertainments) but they should also focus on the development of Bitcoin and blockchain technologies.

As it seems, they are accelerating this process because the report should be made by the end of Q1 2025. I think that if we have a look at recent events and sum up everything, it's clear that a new era is beginning in the Bitcoin and Crypto world. Soon, the whole world will actively start saving some part of their assets in Bitcoin. I think that this is inevitable.

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Quote from: rodskee on December 13, 2024, 02:46:49 AM

Quote from: nullama on December 12, 2024, 03:31:51 AM

I think many cities and countries around the world are waking up to this reality. Fiat is losing traction, and Bitcoin is getting everywhere.

it is only the mayor that was pushing the city to be involved with bitcoin and not the prime minister so i would give my respects to the mayor for standing up with what he thinks would be the best for his city if not the entire country then he would do anything to push his country forward they just need to hope that the rest of country follows suit and make the entire country crypto friendly

If this plan could be executed without causing any problem or tension within its people. Vancouver will be a good addition to the list of cities which categorized as Bitcoin-friendly city and soon fully accepted Bitcoin as a legal payment. Moreover, hopefully it will be the first Bitcoin Hotspot in Canada, as it is the first city in Canada that might execute such plan.

Die_empty

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Quote from: Majestic-milf on December 13, 2024, 02:49:21 AM

Personally I'm getting tired of countries and cities who only makes plans on adding Bitcoin to their portfolios and not doing anything active about it. In the space of one week if I'm not mistaken, we've heard like four or five country/states air their desires to make own a Bitcoin reserve in their areas, wanting to tap from the vast potential owning such a reserve can bring for the economy but yet nothing.
Like you, I also feel it would be a welcome development and something that would make for more adoption if these plans are of making a reserve are being carried out.

The legislative process takes some time. The sponsor of the bill will have to present it before the legislature and they will debate on it and refer it to special committees for technical considerations. This proposal will be sent to the executive for assent. These bureaucratic process are time-consuming so we have to be patient with these sponsors of the pro-Bitcoin proposal.

It is also possible that these nations/states are waiting for Donald Trump's position on making Bitcoin a reserve currency. I am sure there will be speedy adoption of Bitcoin as a reserve in other countries if the US starts its implementation.

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Quote from: headingnorth on December 13, 2024, 03:23:22 AM

Also dozens of online banks and payment services sell bitcoin and/or bitcoin ETFs like Sofi, Ally, Paypal, Venmo, Cash App, Robinhood, etc.
These are US-based services but I think Paypal operates internationally. These are alternatives for those who are not very tech savvy.

A bit of dedication or a friend intact - and it would be done by anybody with funds in his closet Grin

But I agree, that people are different and come from different spheres.

tygeade

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Quote from: Agbe on December 12, 2024, 11:20:22 AM

Quote from: nullama on December 12, 2024, 03:31:51 AM

He goes on to list El Salvador, Lugano, and others,...

How is the current economic situation in El Salvador and those countries you just mentioned? We have been waiting to seen El Salvador first bitcoin city but not yet out. So any other bitcoin City that is coming is not something new we have been expecting one since. And all what we need is for all the countries to adopt bitcoin and let businesses accept bitcoin so that all those nonsense fiat banks doing will stop.

I believe they are having some trouble with energy part, they were hoping for a better energy output because idea was I assume was to bring in all the miners, if they could have done that, with cheap energy, that would have been great. In any case, we have plenty of nations that had bitcoin, from rich to poor, we had El Salvador and we had USA, we had central Africa, but we had Germany. They all have the same common thing, if it can make money then they will do it.

Germany famously sold theirs all in the middle of bear market, a stupid move but they did it anyway, no idea why they did that but I feel like it should not be that time, they could have sold it now and make a lot more money. In any case, countries do invest into bitcoin, and starting a bitcoin city is not just one nation, everyone wants to do that.

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Also dozens of online banks and payment services sell bitcoin and/or bitcoin ETFs like Sofi, Ally, Paypal, Venmo, Cash App, Robinhood, etc.
These are US-based services but I think Paypal operates internationally. These are alternatives for those who are not very tech savvy.

betswift

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Quote from: headingnorth on December 13, 2024, 03:12:04 AM

Yeah that too.

Another alternative could be to invest in one of the bitcoin ETFs that can be bought on most traditional brokerages these days.
You get exposure to bitcoin with almost no risk of the major stock brokerages going bankrupt. It's just like buying another stock.

Though I would argue these days crypto exchanges like Coinbase and Kraken are just as secure as the big banks and stock brokerages.
But some feel more comfortable using a traditional brokerage like Schwab or Fidelity, etc. Nothing wrong with that. Both sell the bitcoin ETF.

These people don't mind giving their custody to a third party - so yeah, they may go this path. Or do something other than BTC completely - their choice, really.
Your points are valid and I agree with them, as people are really different - and each chooses what suites him best, gold, BTC, stocks, or BTC ETFs.

headingnorth

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Quote from: betswift on December 13, 2024, 02:53:04 AM

Quote from: headingnorth on December 13, 2024, 02:51:04 AM

Quote from: NotATether on December 12, 2024, 07:47:14 AM

It's all sunshine and rainbows but I worry that the euphoria will end as soon as something bad linked to crypto currencies happens, like some exchanges failing. Then the sentiment might flip on its head and become one of fear.

The solution to your problem is very simple: Don't invest in bitcoin. With that kind of fear you won't be able to sleep at night.

Stick to something safer like US Treasuries, certificates of deposit, etc.

Gold is also here Grin

Yeah that too.

Another alternative could be to invest in one of the bitcoin ETFs that can be bought on most traditional brokerages these days.
You get exposure to bitcoin with almost no risk of the major stock brokerages going bankrupt. It's just like buying another stock.

Though I would argue these days crypto exchanges like Coinbase and Kraken are just as secure as the big banks and stock brokerages.
But some feel more comfortable using a traditional brokerage like Schwab or Fidelity, etc. Nothing wrong with that. Both sell the bitcoin ETF.

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Quote from: Majestic-milf on December 13, 2024, 02:49:21 AM

Personally I'm getting tired of countries and cities who only makes plans on adding Bitcoin to their portfolios and not doing anything active about it. In the space of one week if I'm not mistaken, we've heard like four or five country/states air their desires to make own a Bitcoin reserve in their areas, wanting to tap from the vast potential owning such a reserve can bring for the economy but yet nothing.
Like you, I also feel it would be a welcome development and something that would make for more adoption if these plans are of making a reserve are being carried out.

These entities are doing it so for a reason - they are really, reallyyyy into planning and something that is already proven.
So it's no wonder they are so slow in adoption - they don't want to take any risks, if possible.
But as we see - some organizations and such are still coming through.
And it's great to see it happening.

betswift

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Quote from: headingnorth on December 13, 2024, 02:51:04 AM

Quote from: NotATether on December 12, 2024, 07:47:14 AM

It's all sunshine and rainbows but I worry that the euphoria will end as soon as something bad linked to crypto currencies happens, like some exchanges failing. Then the sentiment might flip on its head and become one of fear.

The solution to your problem is very simple: Don't invest in bitcoin. With that kind of fear you won't be able to sleep at night.

Stick to something safer like US Treasuries, certificates of deposit, etc.

Gold is also here Grin

headingnorth

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Quote from: NotATether on December 12, 2024, 07:47:14 AM

It's all sunshine and rainbows but I worry that the euphoria will end as soon as something bad linked to crypto currencies happens, like some exchanges failing. Then the sentiment might flip on its head and become one of fear.

The solution to your problem is very simple: Don't invest in bitcoin. With that kind of fear you won't be able to sleep at night.

Stick to something safer like US Treasuries, certificates of deposit, etc.

Majestic-milf

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Quote from: betswift on December 12, 2024, 03:36:27 AM

Wouldn't say that the fiat is losing it due to it being the first thing people use and think about first and foremost - but what you described is truly a welcomed development.
In the years to come, cities and countries alike will see through the fud about BTC and get it themselves. And that's great.

Personally I'm getting tired of countries and cities who only makes plans on adding Bitcoin to their portfolios and not doing anything active about it. In the space of one week if I'm not mistaken, we've heard like four or five country/states air their desires to make own a Bitcoin reserve in their areas, wanting to tap from the vast potential owning such a reserve can bring for the economy but yet nothing.
Like you, I also feel it would be a welcome development and something that would make for more adoption if these plans are of making a reserve are being carried out.

rodskee

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Quote from: nullama on December 12, 2024, 03:31:51 AM

I think many cities and countries around the world are waking up to this reality. Fiat is losing traction, and Bitcoin is getting everywhere.

it is only the mayor that was pushing the city to be involved with bitcoin and not the prime minister so i would give my respects to the mayor for standing up with what he thinks would be the best for his city if not the entire country then he would do anything to push his country forward they just need to hope that the rest of country follows suit and make the entire country crypto friendly

nullama

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Quote from: NotATether on December 12, 2024, 07:47:14 AM

It's all sunshine and rainbows but I worry that the euphoria will end as soon as something bad linked to crypto currencies happens, like some exchanges failing. Then the sentiment might flip on its head and become one of fear.

I am not too sure about that.

Bitcoin has a long history now, and most people already have seen all those articles and realized that they were just not true.

Bitcoin is simply a better money. And cities around the world are starting to realize this.

The massive inflation we are seeing these days is basically painting a great picture for Bitcoin.

Agbe

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Quote from: nullama on December 12, 2024, 03:31:51 AM

He goes on to list El Salvador, Lugano, and others,...

How is the current economic situation in El Salvador and those countries you just mentioned? We have been waiting to seen El Salvador first bitcoin city but not yet out. So any other bitcoin City that is coming is not something new we have been expecting one since. And all what we need is for all the countries to adopt bitcoin and let businesses accept bitcoin so that all those nonsense fiat banks doing will stop.

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The preparations made to make the city of Vancouver a bitcoin friendly city, Or the proposal to make the city a Bitcoin friendly city has already been passed. The proposal was originally proposed by Vancouver Mayor Ken Sim on December 11. After they accepted the proposal, 6 of the 11 councilors accepted their proposal and two councilors did not accept the proposal to make Vancouver a Bitcoin-friendly city. Out of 11 councillors, remaining three councilors were absent.

Vancouver passes motion to become a ‘Bitcoin-friendly city’

Quote from: Kelward on December 12, 2024, 07:44:33 AM

Bitcoin awareness and adoption is spreading rapidly, in the near future I see a lot of adoption by individuals, institutions, cities and counties.

Bitcoin adoption is already spreading rapidly. As an example, the Canadian city of Vancouver is currently preparation up to become a Bitcoin-friendly city. A few days ago the Kenyan Fire Brigade added Bitcoin to it's balance sheet. Marathon (MARA) Company They also started buying Bitcoin this year.

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Quote from: NotATether on December 12, 2024, 07:47:14 AM

It's all sunshine and rainbows but I worry that the euphoria will end as soon as something bad linked to crypto currencies happens, like some exchanges failing. Then the sentiment might flip on its head and become one of fear.

It would depend on where they custody their coins.

Any countries should custody their coins by themselves instead of relying to centralized exchanges, just like El Salvador who hold in their cold wallet. Hence when FTX was bankrupt, it didn't stop Nayib Bukele to accumulating Bitcoin.

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Quote from: Kelward on December 12, 2024, 07:44:33 AM

Not surprised that the mayor of Vancouver, is an investor in cryptocurrency so he definitely knows the potentials of Bitcoin and I hope that they adopt it as their city's reserve. This year has been huge for Bitcoin, the friendly approach towards it by Donald Trump, during the US election and his win of the presidential election has been obviously bullish for Bitcoin, so I'm looking at greater things for Bitcoin in 2025. I believe that not only Vancouver city, but many other cities and counties at large will adopt Bitcoin in their reserves. Bitcoin awareness and adoption is spreading rapidly, in the near future I see a lot of adoption by individuals, institutions, cities and counties.

He has asked the employees to start investing in Bitcoin and he is the Mayor, who is trying to promote Bitcoin in Canada. I would say he is using his power to influence the citizens to adopt and invest in Bitcoin in his city with this new law. Bitcoin is the reserve currency for anyone thinking about alternate investing options. Next year we will see many counties or states/cities that will be supporting/promoting Bitcoin globally. It is just the beginning wherein we will see a massive adoption of Bitcoin and some countries declaring it as an alternative currency.

NotATether

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It's all sunshine and rainbows but I worry that the euphoria will end as soon as something bad linked to crypto currencies happens, like some exchanges failing. Then the sentiment might flip on its head and become one of fear.

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Quote from: pakhitheboss on December 12, 2024, 05:07:59 AM

Quote from: ABCbits on December 12, 2024, 03:58:07 AM

Looks like they're being serious about this matter. Unlike proposal by other government, this one mention possibility to accept Bitcoin as payment method. Although using El Salvador of example of successful Bitcoin adaption feels weird when El Salvador president claim it's below his hope[1].

The mayor is an investor in Coinbase Global INC, which is why he is aware of Bitcoin. Leaders who are aware of Bitcoin will always know the benefits of holding it and will always try to convince others. What we are witnessing is just the beginning I am wondering how many cities of states in the US will become Bitcoin-friendly after Donald Trump is in office.

Not surprised that the mayor of Vancouver, is an investor in cryptocurrency so he definitely knows the potentials of Bitcoin and I hope that they adopt it as their city's reserve. This year has been huge for Bitcoin, the friendly approach towards it by Donald Trump, during the US election and his win of the presidential election has been obviously bullish for Bitcoin, so I'm looking at greater things for Bitcoin in 2025. I believe that not only Vancouver city, but many other cities and counties at large will adopt Bitcoin in their reserves. Bitcoin awareness and adoption is spreading rapidly, in the near future I see a lot of adoption by individuals, institutions, cities and counties.

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Quote from: Jating on December 12, 2024, 05:03:54 AM

Quote from: Pmalek on December 12, 2024, 04:48:25 AM

I think bitcoin's value in the upcoming months while they consider this motion will be the deciding factor for moving forward and accepting payments in bitcoin in one way or the other. We know that a much more crypto-friendly administration is taking office in USA and everyone expects bitcoin's price to increase further, which it probably will. But if it starts falling after the inauguration due to unfavorable events, such as bitcoin not being accepted as a strategic reserve in the US, I am pessimistic that the report in Vancouver will be positive. For the sake of Bitcoin and all of us, let's hope that doesn't happen.

Right, Trump winning the election has it's domino effect now, even before he officially sit. WE have seen a lot of countries, or just a city really going full on Bitcoin or crypto. Whether having it in their balance sheet or just like Vancouver, trying to be a Bitcoin friendly city.

And this could trickle as well to other well known cities around the world, specially those who have been frequented by tourists. And with that, Bitcoin could be the currency of those who travelled around the globe, very easy to transaction and it's obviously borderless.

Many people around the world are really into doing something good with BTC - and that can only put a smile on our faces.
I hope for this trend to continue as we push forward into Trump's term for real - let him not screw things up.

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Quote from: pakhitheboss on December 12, 2024, 05:07:59 AM

Quote from: ABCbits on December 12, 2024, 03:58:07 AM

Looks like they're being serious about this matter. Unlike proposal by other government, this one mention possibility to accept Bitcoin as payment method. Although using El Salvador of example of successful Bitcoin adaption feels weird when El Salvador president claim it's below his hope[1].

The mayor is an investor in Coinbase Global INC, which is why he is aware of Bitcoin. Leaders who are aware of Bitcoin will always know the benefits of holding it and will always try to convince others. What we are witnessing is just the beginning I am wondering how many cities of states in the US will become Bitcoin-friendly after Donald Trump is in office.

I think the proportion would be up to 40% to 60%, 40% being pro-crypto.
That's of course, my estimate - but I think most of the states won't be so pushy to adapt and make something out of BTC.
Fortunately, we've got enough time Grin

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Quote from: ABCbits on December 12, 2024, 03:58:07 AM

Although using El Salvador of example of successful Bitcoin adaption feels weird when El Salvador president claim it's below his hope.

I think it's a matter of perspective or data selection. They probably look at the numbers of users instead of the penetration/adoption rate, and judge that 10k users are good enough to support their plan. As long as the data they look at is verifiable I think there's no problem with them saying El Salvador is a success. Regardless of their reasoning, hopefully, this will be a success so more governments will be open to accepting crypto as a payment method on a limited scale. CMIIW.

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Quote from: ABCbits on December 12, 2024, 03:58:07 AM

Looks like they're being serious about this matter. Unlike proposal by other government, this one mention possibility to accept Bitcoin as payment method. Although using El Salvador of example of successful Bitcoin adaption feels weird when El Salvador president claim it's below his hope[1].

The mayor is an investor in Coinbase Global INC, which is why he is aware of Bitcoin. Leaders who are aware of Bitcoin will always know the benefits of holding it and will always try to convince others. What we are witnessing is just the beginning I am wondering how many cities of states in the US will become Bitcoin-friendly after Donald Trump is in office.

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Quote from: Pmalek on December 12, 2024, 04:48:25 AM

I think bitcoin's value in the upcoming months while they consider this motion will be the deciding factor for moving forward and accepting payments in bitcoin in one way or the other. We know that a much more crypto-friendly administration is taking office in USA and everyone expects bitcoin's price to increase further, which it probably will. But if it starts falling after the inauguration due to unfavorable events, such as bitcoin not being accepted as a strategic reserve in the US, I am pessimistic that the report in Vancouver will be positive. For the sake of Bitcoin and all of us, let's hope that doesn't happen.

Right, Trump winning the election has it's domino effect now, even before he officially sit. WE have seen a lot of countries, or just a city really going full on Bitcoin or crypto. Whether having it in their balance sheet or just like Vancouver, trying to be a Bitcoin friendly city.

And this could trickle as well to other well known cities around the world, specially those who have been frequented by tourists. And with that, Bitcoin could be the currency of those who travelled around the globe, very easy to transaction and it's obviously borderless.

Pmalek

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I think bitcoin's value in the upcoming months while they consider this motion will be the deciding factor for moving forward and accepting payments in bitcoin in one way or the other. We know that a much more crypto-friendly administration is taking office in USA and everyone expects bitcoin's price to increase further, which it probably will. But if it starts falling after the inauguration due to unfavorable events, such as bitcoin not being accepted as a strategic reserve in the US, I am pessimistic that the report in Vancouver will be positive. For the sake of Bitcoin and all of us, let's hope that doesn't happen.

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Quote from: ABCbits on December 12, 2024, 03:58:07 AM

Looks like they're being serious about this matter. Unlike proposal by other government, this one mention possibility to accept Bitcoin as payment method. Although using El Salvador of example of successful Bitcoin adaption feels weird when El Salvador president claim it's below his hope[1].

[1] https://cryptonews.com/news/bitcoin-hasnt-had-the-widespread-adoption-we-hoped-for-el-salvador-president/

Wonderful news.
This year's end and the next one in line is going to spark BTC and discussions about it like no other, in my opinion.
And that's truly great to see BTC being adopted on so many different scales.

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Quote from: fikrett on December 12, 2024, 03:40:05 AM

Accepting taxes and fees in BTC - sounds like something even a bit bigger than the reserves.
Great news ahead for Vancouver, in my opinion.
And for the overall adoption of BTC.

It could very well be the way that they accumulate those Bitcoin reserves, by letting people pay taxes and fees in Bitcoin.

That way they would not have to pay any fees as the sender is the one paying the miner fees.

We will see how they plan to do this when they release their report in the first quarter of 2025.

ABCbits

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Looks like they're being serious about this matter. Unlike proposal by other government, this one mention possibility to accept Bitcoin as payment method. Although using El Salvador of example of successful Bitcoin adaption feels weird when El Salvador president claim it's below his hope[1].

[1] https://cryptonews.com/news/bitcoin-hasnt-had-the-widespread-adoption-we-hoped-for-el-salvador-president/

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Accepting taxes and fees in BTC - sounds like something even a bit bigger than the reserves.
Great news ahead for Vancouver, in my opinion.
And for the overall adoption of BTC.

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Wouldn't say that the fiat is losing it due to it being the first thing people use and think about first and foremost - but what you described is truly a welcomed development.
In the years to come, cities and countries alike will see through the fud about BTC and get it themselves. And that's great.

nullama

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On December 11th, 2024, Mayor Ken Sim introduced a motion to the council of the City of Vancouver titled "Preserving of the City's Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City", available here: https://council.vancouver.ca/20241211/documents/cfscA3.pdf

In that motion, the Mayor requested a report to be made by the end of the first quarter of 2025 to investigate the potential risks and benefits of including Bitcoin as part of the savings of the City of Vancouver to fix the problems of inflation.

He goes on to list El Salvador, Lugano, and others, as successful examples of Bitcoin adoption, and he quoted Satoshi Nakamoto's white paper in the motion.

And it ends with this:

I think many cities and countries around the world are waking up to this reality. Fiat is losing traction, and Bitcoin is getting everywhere.

Topic: The City of Vancouver is preparing to become a "Bitcoin-friendly city" (Read 339 times)