The post Vancouver City Council Approves Bitcoin Integration Study for 2025 appeared on BitcoinEthereumNews.com.

TLDR Vancouver City Council has approved a proposal to study Bitcoin integration into municipal operations Mayor Ken Sim pledged a personal donation of $10,000 in Bitcoin to the city The comprehensive study will be completed by Q1 2025, examining risks and benefits The Ministry of Housing states current laws don’t recognize crypto for municipal transactions Six council members supported the motion despite opposition from local experts Vancouver is moving toward potential cryptocurrency integration after the City Council approved a proposal to study Bitcoin’s role in municipal operations. The motion, which passed with support from six council members, initiates a detailed examination of how the city might incorporate Bitcoin into its financial system. Mayor Ken Sim, who introduced the proposal, aims to position Vancouver as a “Bitcoin-friendly city.” To demonstrate his commitment, Sim announced a personal pledge of $10,000 worth of Bitcoin as a donation to the city. The mayor, who holds shares in Coinbase Global Inc., has been vocal about his belief in cryptocurrency’s potential benefits. The approved study will examine several aspects of Bitcoin adoption, including its possible use as a reserve asset and its acceptance for municipal payments and fees. City staff must complete this comprehensive analysis by the end of the first quarter of 2025, providing detailed insights into the practical implications of such a move. The proposal faces several hurdles, particularly regarding existing regulations. The Ministry of Housing and Municipal Affairs has pointed out that neither the Community Charter nor the Vancouver Charter currently recognizes cryptocurrency as a valid form of payment for municipal services or transactions. Additionally, the ministry clarified that local governments are not permitted to hold digital assets as financial reserves under current laws. Opposition to the proposal has emerged from various quarters. Green Councilor Pete Fry voted against the motion, citing concerns…

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Filed under: News - @ December 12, 2024 1:24 pm