At a meeting on December 11, the Vancouver City Council approved a motion to study the possible integration of Bitcoin into its financial operations.
This could include establishing a Bitcoin reserve and offering the option to make payments with the digital currency.
The motion was proposed by Mayor Ken Sim, who believes that the adoption of Bitcoin could protect the city against inflation and currency devaluation. A majority of councilors supported the motion, with two against and three absent.
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During the meeting, several people, including council members, experts and members of the public, had the opportunity to discuss the motion before the vote.
Mayor Sim stated that he introduced the motion in response to potential future challenges and as a way to ensure the city's long-term economic stability.