Item - 2018.EX32.21

Tracking Status

  • City Council considered this item on March 26, 2018 and received the item for information. No further action will be taken on this item.
  • This item was considered by Executive Committee on March 19, 2018 and was adopted with amendments. It will be considered by City Council on March 26, 2018.
  • See also MM36.3

EX32.21 - Cryptocurrency, Blockchain and the City of Toronto

Decision Type:
ACTION
Status:
Received
Wards:
All

City Council Decision

City Council on March 26 and 27, 2018, received Item EX32.21 for information.

Background Information (Committee)

(February 5, 2018) Member Motion from Councillor Norman Kelly, seconded by Councillor Chin Lee on Cryptocurrency, Blockchain and the City of Toronto
https://www.toronto.ca/legdocs/mmis/2018/ex/bgrd/backgroundfile-112550.pdf

Motions (City Council)

1 - Motion to Receive Item moved by Councillor Gord Perks (Carried)

That City Council receive Item EX32.21 for information.

Vote (Receive Item) Mar-26-2018 7:42 PM

Result: Carried Majority Required - EX32.21 - Perks - motion 1- Receive for information
Total members that voted Yes: 34 Members that voted Yes are Paul Ainslie, Maria Augimeri, Ana Bail„o, Jon Burnside, John Campbell, Christin Carmichael Greb, Shelley Carroll, Josh Colle, Joe Cressy, Vincent Crisanti, Janet Davis, Glenn De Baeremaeker, Justin J. Di Ciano, John Filion, Michael Ford, Mary Fragedakis, Mark Grimes, Jim Hart, Jim Karygiannis, Mike Layton, Josh Matlow, Mary-Margaret McMahon, Joe Mihevc, Denzil Minnan-Wong, Frances Nunziata (Chair), Cesar Palacio, James Pasternak, Gord Perks, Anthony Perruzza, Jaye Robinson, Neethan Shan, David Shiner, Lucy Troisi, Kristyn Wong-Tam
Total members that voted No: 1 Members that voted No are Stephen Holyday
Total members that were Absent: 10 Members that were absent are Gary Crawford, Frank Di Giorgio, Sarah Doucette, Paula Fletcher, Michelle Holland, Norman Kelly, Chin Lee, Giorgio Mammoliti, Michael Thompson, John Tory

Motion to End Debate moved by Councillor Jim Karygiannis (Carried)

That in accordance with the provisions of Chapter 27, Council Procedures, City Council end the debate on Item EX32.21 and take the vote immediately.

Vote (End Debate) Mar-26-2018 7:41 PM

Result: Carried Two-Thirds Required - EX32.21 - Karygiannis - End debate
Total members that voted Yes: 30 Members that voted Yes are Maria Augimeri, Ana Bail„o, Jon Burnside, John Campbell, Christin Carmichael Greb, Shelley Carroll, Josh Colle, Joe Cressy, Vincent Crisanti, Janet Davis, Justin J. Di Ciano, John Filion, Mary Fragedakis, Mark Grimes, Jim Hart, Jim Karygiannis, Mike Layton, Mary-Margaret McMahon, Joe Mihevc, Denzil Minnan-Wong, Frances Nunziata (Chair), Cesar Palacio, James Pasternak, Gord Perks, Jaye Robinson, Neethan Shan, David Shiner, John Tory, Lucy Troisi, Kristyn Wong-Tam
Total members that voted No: 6 Members that voted No are Paul Ainslie, Glenn De Baeremaeker, Michael Ford, Stephen Holyday, Josh Matlow, Anthony Perruzza
Total members that were Absent: 9 Members that were absent are Gary Crawford, Frank Di Giorgio, Sarah Doucette, Paula Fletcher, Michelle Holland, Norman Kelly, Chin Lee, Giorgio Mammoliti, Michael Thompson

EX32.21 - Cryptocurrency, Blockchain and the City of Toronto

Decision Type:
ACTION
Status:
Amended
Wards:
All

Committee Recommendations

The Executive Committee recommends that:

 

1.  City Council request the Director, Revenue Services, in conjunction with the City Solicitor and the Chief Information Officer, and interested stakeholders to review the possibility of utilizing cryptocurrency as a form of payment for municipal property taxes, utilities, parking violations and Municipal Land Transfer taxes as well as a payment system by the City and report back to the Executive Committee in the second quarter of 2019.

 

2.  City Council request the Director, Revenue Services, in conjunction with the City Solicitor and the Chief Information Officer to review blockchain technology and the potential efficiencies it may bring to any and all divisions of the City of Toronto and include recommendations in the report requested in Recommendation 1 above.

 

3. City Council request the report also include an analysis on potential security risk and threats of utilizing cryptocurrency and Blockchain technology.

Origin

(February 5, 2018) Member Motion from Councillor Norman Kelly, seconded by Councillor Chin Lee

Summary

City Council on January 31 and February 1, 2018, referred Motion MM36.3 to the Executive Committee.

 

There are a number of cryptocurrencies. Increasingly, businesses are utilizing these currencies and banks are beginning to research their possible utility. Associated with these currencies is blockchain technology that holds out the potential to revolutionize the administration of both business and government. The banks and the provincial and federal governments are all investing in developing an expertise in these fields.

 

Toronto is a leader in exploring both opportunities for change. The leading authority in these fields is a Toronto-based institute which believes that this second technological revolution will be seeking a location in which to grow and believes that Toronto could become that place.

Background Information

(February 5, 2018) Member Motion from Councillor Norman Kelly, seconded by Councillor Chin Lee on Cryptocurrency, Blockchain and the City of Toronto
https://www.toronto.ca/legdocs/mmis/2018/ex/bgrd/backgroundfile-112550.pdf

Speakers

Derek Moran

Motions

1 - Motion to Amend Item (Additional) moved by Councillor Paul Ainslie (Carried)

That:

 

1.  City Council request Revenue Services Division staff, in conjunction with Legal Services and IT Services, to review the possibility of utilizing cryptocurrency as a form of payment for municipal property taxes, utilities, parking violations and Municipal Land Transfer taxes as well as a payment system by the City and report back to the Executive Committee in the second quarter of 2018.

 

2.  City Council request the above mentioned City divisions to review blockchain technology and the potential efficiencies it may bring to any and all divisions of the City of Toronto and include recommendations in the report requested in Part 1 above.

 

3. City Council request the report also include an analysis on potential security risk and threats of utilizing cryptocurrency and Blockchain technology.


2 - Motion to Amend Motion moved by Councillor Michael Thompson (Carried)

That Part 1 of Councillor Ainslie's Motion be amended to read as follows:  

 

1.  City Council request the Director, Revenue Services, in conjunction with the City Solicitor, the Chief Information Officer, and interested stakeholders to review the possibility of utilizing cryptocurrency as a form of payment for municipal property taxes, utilities, parking violations and Municipal Land Transfer taxes as well as a payment system by the City and report back to the Executive Committee in the second quarter of 2018 2019.

Vote (Amend Motion) Mar-19-2018

Result: Carried Majority Required - Motion 2 by Councillor Thompson
Total members that voted Yes: 8 Members that voted Yes are Paul Ainslie, Gary Crawford, Frank Di Giorgio, Mary-Margaret McMahon, Cesar Palacio, James Pasternak, Michael Thompson, John Tory (Chair)
Total members that voted No: 2 Members that voted No are Ana Bail„o, Denzil Minnan-Wong
Total members that were Absent: 3 Members that were absent are Jon Burnside, Jaye Robinson, David Shiner

3 - Motion to Adopt Item as Amended moved by Mayor John Tory (Carried)

Vote (Adopt Item as Amended) Mar-19-2018

Result: Carried Majority Required - Motion 1 by Councillor Ainslie as amended
Total members that voted Yes: 10 Members that voted Yes are Paul Ainslie, Ana Bail„o, Gary Crawford, Frank Di Giorgio, Mary-Margaret McMahon, Denzil Minnan-Wong, Cesar Palacio, James Pasternak, Michael Thompson, John Tory (Chair)
Total members that voted No: 0 Members that voted No are
Total members that were Absent: 3 Members that were absent are Jon Burnside, Jaye Robinson, David Shiner
Source: Toronto City Clerk at www.toronto.ca/council