Vancouver Mayor Proposes 'Introducing Bitcoin' to Fight Inflation

The mayor of Vancouver, Canada, has asked city council to consider ways to integrate Bitcoin into the city's financial strategy.
He urged the City Council to adopt Bitcoin, emphasizing that "Bitcoin has the potential to enhance financial stability within volatile fiat currency markets."
Speaking at the city council meeting on the 11th, Mayor Shim said, "We will maintain the city's purchasing power through diversifying financial reserves - becoming a Bitcoin-friendly city."
"Bitcoin has built a solid reputation over its 16-year history and serves as a safeguard against inflation and currency depreciation," the company said in a proposal titled "Bitcoin Will Become a New Firm."
"This proposal is in line with Mayor Shim's ongoing support for the introduction of cryptocurrencies. During the 2022 mayoral election, he accepted cryptocurrency donations,
In the past, the Swiss cities of Zug and Lugano, South Korea's Seoul, El Salvador, and Pennsylvania have shown a willingness to use crypto assets for public good.
He cited examples from the US and several parts of Africa, highlighting the benefits that various governments have reaped from adopting Bitcoin and other cryptocurrencies.
Mayor Sim said recent inflationary pressures in a centralized fiat currency system have negatively impacted the city's purchasing power.
He recommended diversifying the city's financial reserves into Bitcoin. He also recommended including Bitcoin in Vancouver's financial reserves and payment options to reduce tax revenue.
He added that this would preserve the value of the valuable funds collected through the tax levy and ultimately benefit taxpayers.