Mayor Ken Sim believes Vancouver should explore the merits of integrating bitcoin into its financial strategies to enhance the city's financial stability amidst economic volatility.
Sim's motion seeks to research how Vancouver could accept bitcoin for city services or invest a portion of its financial reserves in cryptocurrency.
Critics warn that adopting bitcoin could expose the city to significant risks due to market volatility and existing laws prohibit municipalities from holding cryptocurrencies.
Legislation currently does not allow Vancouver or other local governments to recognize cryptocurrency as legitimate payment for municipal services, highlighting legal barriers to Sim's proposal.
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