Vancouver Staff Recommends Closing Bitcoin Reserve Proposal
- Vancouver staff concluded that the Bitcoin reserve proposal is not feasible under the current Vancouver Charter.
- The proposal was initiated by Mayor Ken Sim in late 2024 to explore making Vancouver a “Bitcoin-friendly” city.
- Municipal finance rules prevent assets like Bitcoin from being held in city reserves, as confirmed by the provincial law.
City staff recommended closing the motion to study Bitcoin use due to legal constraints outlined in the Vancouver Charter, which does not permit holding crypto as a municipal reserve asset. The recommendation aligns with broader efforts to reprioritize resources and reflects limitations on municipal financial operations.
This decision follows more than a year of consideration and highlights ongoing challenges municipalities face in adopting cryptocurrencies like Bitcoin within their treasuries. Source
