Vancouver city staff propose to terminate Bitcoin reserve proposal following legal review

Techub News reports, according to Decrypt, Vancouver city staff have recommended closing a council motion that aimed to establish Vancouver as a "Bitcoin-friendly city." The report states that, under the Vancouver Charter, municipal reserve assets are not permitted to hold Bitcoin, and it suggests terminating the proposal to reallocate resources. The motion, proposed by Mayor Ken Sim at the end of 2024, called for studying the possibility of accepting cryptocurrency for tax payments and converting a portion of reserves into Bitcoin. However, the British Columbia Ministry of Municipal Affairs had previously clarified that provincial regulations do not allow municipal funds to hold cryptocurrencies, in order to avoid unnecessary risks.