Canada’s Mayor Proposes Bitcoin-Friendly Vancouver City Plan

 
Ritu Lavania
Written By 
Ritu Lavania
November 28, 2024

In a recent meeting, Canada’s mayor, Ken Sim, proposed a Bitcoin-friendly plan for Vancouver. If implemented, Vancouver could the growing list of Bitcoin-friendly countries and cities, including El Salvador, Brazil, Lugano, and others.

Vancouver, the largest city in Western Canada, is considering a move toward Bitcoin adoption under a new proposal from Mayor Ken Sim. Titled “Preserving the City’s Purchasing Power Through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City,” the plan will be presented to the City Council on December 11. If approved, it could significantly transform Vancouver’s approach to cryptocurrencies.

Bitcoin Reserve: A Growing Global Trend

Mayor Sim’s suggestion to consider Bitcoin as a reserve asset follows a growing trend among governments and institutions worldwide, which would place Vancouver and Canada at the forefront of the global movement accepting the Bitcoin Reserve strategy to enhance financial stability and economic growth. Bitcoin is legal in Canada, with no restrictions on holding, buying, or selling it. In fact, Canadians have also been investing in crypto ETFs (including Bitcoin spot ETFs) for years. In February 2021, Canada became the first country to approve these funds.

Sim’s proposal comes just days after Maya Parbhoe, a presidential candidate for Suriname, shared her vision to build a Bitcoin nation even more deeply rooted in crypto than Nayib Bukele’s El Salvador. El Salvador, the first country to adopt Bitcoin as legal tender, currently holds 5.948K BTC, worth $569.51 million.

Not only the West, but even Bhutan, a country with a relatively small population, has been holding Bitcoin as it uses its hydropower for Bitcoin mining. With 12.211K BTC, Bhutan’s Bitcoin holdings are now worth $1.17 billion.

Courtesy: Coinmarketcap

After a short streak of dip in the past few days, Bitcoin is currently trading at $95,682.  At the time of writing, BTC has seen a surge of 3.24% in the past 24 hours, and its market cap stands at a staggering $1.89 trillion.

Also Read: Bitcoin Adoption Grows as Small Caps Emulate MicroStrategy

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.