In 2013, the inaugural Bitcoin ATM was set up and launched at a local coffee shop in downtown Vancouver. Today, the city is exploring ways to incorporate Bitcoin into its financial system.

Vancouver City Council voted Wednesday to explore ways to make the city "Bitcoin-friendly," taking a bold step into crypto despite potential regulatory hurdles.

The controversial motion, spearheaded by Mayor Ken Sim, was approved at the City Council's Standing Committee meeting on Wednesday.

Specifically, the motion directs council staff to explore accepting taxes and fees in Bitcoin and converting part of the city’s financial reserves into Bitcoin to protect against inflation and currency volatility.

Thirty-four people spoke to the motion, with supporters from ABC Vancouver and opposition from Green Party members. Sim is a party member of the former.

While the approval doesn't immediately commit the city to crypto investments, it initiates a comprehensive study of potential Bitcoin integration into municipal finances.

However, the directive faces immediate roadblocks.

The British Columbia Ministry of Municipal Affairs confirmed that crypto isn't currently recognized as a legal form of payment for mun...