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The Coin Rise 2024-12-12 08:58:11

Vancouver Explores Bitcoin Integration Amid Debate Over Risks and Benefits

Vancouver Explores Bitcoin Integration Amid Debate Over Risks and Benefits

The Vancouver City Council has taken a bold step toward embracing Bitcoin, approving a motion to explore its integration into the city’s financial framework. Mayor Ken Sim introduced the initiative, which envisions Vancouver becoming a “Bitcoin-friendly city” by potentially creating a Bitcoin reserve and enabling cryptocurrency payments for municipal services. Bitcoin-Friendly City The motion, presented at a Dec. 11 council meeting , passed with six votes in favor, two against, and three absences. Mayor Sim argued that adopting Bitcoin could serve as a hedge against inflation and currency devaluation, safeguarding Vancouver’s financial future. “We have affordability challenges, and I truly believe that Bitcoin could address these issues,” he remarked during the session. Sim underscored his point by highlighting a stark financial trend: while Vancouver housing market saw a staggering 381% increase in value from 1995 to 2022, gold prices remained relatively stagnant. Additionally, the city’s $3.1 billion fixed-income securities portfolio has suffered a $185 million market value loss. “There’s something fundamentally wrong here,” Sim stated, emphasizing the need for innovative financial strategies. To demonstrate his confidence in Bitcoin’s potential, Sim pledged a personal donation of $10,000 worth of Bitcoin to the city, regardless of the motion’s outcome. Diverging Opinions: Support vs. Skepticism While the motion passed, it sparked intense debate. Councilor Pete Fry expressed concerns about cryptocurrency’s association with illicit activities and a lack of legal clarity surrounding its use in municipal operations. “In the absence of clear regulations, this could set a dangerous precedent,” Fry warned. Councilor Adriane Carr voiced apprehension over Bitcoin mining’s environmental toll , citing its high electricity consumption as a critical issue. “The environmental impact cannot be ignored,” she argued, opposing the motion. Despite these reservations, the council agreed to commission a detailed report on the feasibility, risks, and benefits of Bitcoin adoption. The findings are expected by the end of the first quarter of 2025. Mayor Sim framed the initiative as a forward-looking measure to ensure Vancouver’s resilience in a rapidly changing economic landscape. The post Vancouver Explores Bitcoin Integration Amid Debate Over Risks and Benefits appeared first on TheCoinrise.com .

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Loe lahtiütlusest : Kogu meie veebisaidi, hüperlingitud saitide, seotud rakenduste, foorumite, ajaveebide, sotsiaalmeediakontode ja muude platvormide ("Sait") siin esitatud sisu on mõeldud ainult teie üldiseks teabeks, mis on hangitud kolmandate isikute allikatest. Me ei anna meie sisu osas mingeid garantiisid, sealhulgas täpsust ja ajakohastust, kuid mitte ainult. Ükski meie poolt pakutava sisu osa ei kujuta endast finantsnõustamist, õigusnõustamist ega muud nõustamist, mis on mõeldud teie konkreetseks toetumiseks mis tahes eesmärgil. Mis tahes kasutamine või sõltuvus meie sisust on ainuüksi omal vastutusel ja omal äranägemisel. Enne nende kasutamist peate oma teadustööd läbi viima, analüüsima ja kontrollima oma sisu. Kauplemine on väga riskantne tegevus, mis võib põhjustada suuri kahjusid, palun konsulteerige enne oma otsuse langetamist oma finantsnõustajaga. Meie saidi sisu ei tohi olla pakkumine ega pakkumine