Vancouver city staff have recommended closing a motion to explore the possibility of the city holding Bitcoin as a reserve asset after determining that the Vancouver Charter prohibits such investments. This decision follows a directive from Mayor Ken Sim in late 2024 to investigate becoming “Bitcoin-friendly,” which included assessing the acceptance of cryptocurrencies for municipal fees and taxes. However, the proposal faced immediate legal hurdles, as British Columbia laws restrict local governments from utilizing high-risk assets like Bitcoin in their financial reserves, emphasizing that municipal funds should remain secure.
Vancouver staff recommend closing bitcoin reserve proposal after legal review
