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Breaking News: It is rumored that the Vancouver mayor is trying to incorporate Bitcoin into the city’s reserve fund, but was stopped because officials said it violates the law. The current regulations only permit traditional safe assets like bonds, not digital assets.
The mayor is someone with a visionary outlook, stating that Bitcoin is an important innovation and wants the city to hold it as a reserve. He even proposed donating Bitcoin worth $10,000 USD to the city, but it was not approved because of legal restrictions.
What the mayor is doing is leading with out-of-the-box thinking, but the reality is that local agencies must keep a low profile and protect their funds. They have to wait for legal changes first. Nevertheless, the city can still accept Bitcoin as a payment method if it’s converted to Canadian dollars quickly. It seems this plan will end when the council votes next week.