Vancouver, Canada Mayor Plans to Launch Bitcoin-Friendly City Initiative

Odaily Odaily News Ken Sim, who has served as the mayor of Vancouver since 2022, announced that the city of Vancouver, Canada plans to add Bitcoin to its balance sheet as part of its investment diversification efforts. At the Vancouver City Council meeting held on November 26, Mayor Sim submitted a notice of motion, scheduled to be presented on December 11, entitled "Maintaining the Purchasing Power of the City through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City". As of November 27, the motion does not appear to have been published on the city government website, and the Vancouver Mayor's Office declined to comment. It is unclear whether the Vancouver mayor's motion is a response to the local and federal governments in the United States considering legislation to establish Bitcoin reserves. After the 2024 election, lawmakers in the Pennsylvania House of Representatives and the U.S. Senate both proposed plans for the government to hold Bitcoin as a reserve asset.