On December 11, the authorities of Vancouver, Canada approved investment plan in bitcoins, which was compiled by the city's mayor, Ken Sim.
During the vote, six members of Vancouver City Council supported the Sim's proposal, two voted against, and three did not participate in the vote. As a result, Ken's initiative will be implemented in order to integrate Bitcoin into the city's financial system.
We have a housing affordability problem and I believe that Bitcoin can solve it and other financial problems. Our fiat currency [the Canadian dollar] is depreciating, and the purchasing power of citizens is decreasing.
Our family will donate $10,000 worth of BTC to Vancouver as a gift to the city we love. We believe in the benefits of Bitcoin wholeheartedly and are willing to show it with money, Sim said.
Ken Sim
According to Ken, kriptovalyuta will protect Vancouver's savings from inflation. He proposes to create a Bitcoin reserve fund and use some of the budget to buy coins to diversify assets. Apparently, Sim wants to sell investment vehicles owned by the city government and use the proceeds to buy BTC.
Despite the successful outcome of the vote, officials will not immediately invest in cryptocurrency. They will first consider ways to invest in BTC and approve a specific plan. Most likely, the authorities will convert several fixed-income securities, currently worth $3,1 billion, into bitcoin.
