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Vancouver Mayor Proposes Adding Bitcoin to Municipal Balance Sheet

Vancouver Mayor Proposes Adding Bitcoin to Municipal Balance Sheet

HappyCoinNewsHappyCoinNews2024/11/29 17:11
By:HappyCoinNews

Vancouver Mayor Ken Sim proposed at a council meeting to include Bitcoin into the municipal balance sheet. At the moment, the details of his initiative, called “Preserving the city’s purchasing power through diversification of financial resources: becoming a Bitcoin-friendly city,” are not disclosed.

The mayor plans to share details of his initiative at a general meeting of the Vancouver City Council on December 11. Ken Sim took office in 2022 and accepted cryptocurrency donations during his election campaign, and has repeatedly stated his support for digital assets while in office.

At the same time, a number of experts were skeptical about the initiative of the mayor of Vancouver. According to the author of the Globe and Mail, Ethan Lu, it is unlikely that the city will introduce payments in cryptocurrency for paying bills or taxes. He believes that the creation of a reserve in bitcoins is unlikely.

Bitcoin proponent and analyst Jeff Booth, on the other hand, expects Vancouver authorities to be able to accept the first cryptocurrency as a reserve asset for the municipal balance sheet.

Perhaps on December 11 the issue of including bitcoin in the city budget reserve will be resolved in a positive direction.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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