Vancouver, Canada, Recommends Revoking Bitcoin Reserve Proposal: Inconsistent with Local Laws
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Vancouver, Canada, Recommends Revoking Bitcoin Reserve Proposal: Inconsistent with Local Laws
According to The Block, staff members of the City of Vancouver, Canada, submitted a report to the city council recommending the withdrawal of the previously proposed initiative titled “Protecting the City’s Purchasing Power Through Diversified Financial Reserves—Becoming a Bitcoin-Friendly City.” The report states that, following a legal review, it was determined that Bitcoin does not qualify as an investment asset permitted under the Vancouver Charter—the provincial legislation governing municipal operations in Vancouver. The proposal was introduced by Vancouver Mayor Ken Sim in November 2024, aiming to allocate a portion of municipal funds into Bitcoin to hedge against inflation and volatility. In December 2024, the Vancouver City Council approved the proposal and directed city staff to assess its feasibility. At the time, the British Columbia Ministry of Municipal Affairs stated that local governments—including Vancouver—are prohibited from holding financial reserves in cryptocurrencies, citing “inappropriate risk.”
Navigating Web3 tides with focused insightsTechFlow News, March 6: According to The Block, Vancouver city staff submitted a report to the City Council recommending withdrawal of the previously proposed initiative titled “Protecting the City’s Purchasing Power Through Diversified Financial Reserves—Becoming a Bitcoin-Friendly City.” The report states that, following legal review, it was determined that Bitcoin does not qualify as an investment asset permitted under the Vancouver Charter—the provincial legislation governing Vancouver’s municipal operations.
The proposal was introduced by Vancouver Mayor Ken Sim in November 2024, aiming to allocate a portion of municipal funds into Bitcoin to hedge against inflation and volatility. In December 2024, the Vancouver City Council approved the proposal and directed city staff to assess its feasibility. At the time, the British Columbia Ministry of Municipal Affairs stated that local governments—including Vancouver—are prohibited from holding financial reserves in cryptocurrencies, citing “inappropriate risk.”
