Vancouver City Council Passes Resolution to Become a “Bitcoin Friendly City”

Vancouver City Council has enacted a policy allowing the use of Bitcoin in city financing.

Vancouver City Council Passes Resolution to Become a “Bitcoin Friendly City”

Vancouver votes ahead on Bitcoin
Vancouver, Canada’s third-largest metropolitan area, has passed a policy that could lead to the use of bitcoin in city finances . The Canadian city council approved a motion on Wednesday to make Vancouver a “bitcoin-friendly city” and investigate its potential use in municipal finances.

The motion, titled “Maintaining the City’s Purchasing Power through Diversified Financial Reserves — Becoming a Bitcoin-Friendly City,” was announced in late November and has received public support from Vancouver Mayor Jian Shen.

Expressing his delight at the passage of the motion, Mayor Jian Shen directed city staff to analyze the potential for integrating or converting some of Vancouver’s financial reserves into Bitcoin, saying,

"I've been wanting to do this for a long time. There are a lot of other countries, provinces and states that have said they're going to do this and we want to be ahead of the curve."

Mayor Shen publicly declared that Bitcoin is "the greatest invention in human history" and that traditional fiat currencies "will return to zero." However, he has repeatedly stated that he is not in a position to provide investment advice, but he believes that Bitcoin's "potential" value is only a small fraction of its future value.