Vancouver city staff has advised council to rescind a motion aimed at making the city \u201cbitcoin-friendly,\u201d following a legal review.<\/p>\n
The recommendation was laid out in a report submitted to Vancouver City Council ahead of its March 10 meeting.<\/p>\n
Legal review and recommendation<\/p>\n
The motion, titled \u201cPreserving of the City\u2019s Purchasing Power Through Diversification of Financial Reserves \u2013 Becoming A Bitcoin Friendly City,\u201d was presented in November 2024.<\/p>\n
Staff said they \u201cconclusively determined\u201d that under the Vancouver Charter, bitcoin is not an allowable investment asset for the city.<\/p>\n
City staff also cited the need to reprioritize resources and coordinate with other initiatives as reasons to end the work.<\/p>\n
The 2024 proposal<\/p>\n
Mayor Ken Sim\u2019s motion sought to diversify Vancouver\u2019s financial reserves by allocating a portion of municipal funds into bitcoin as a hedge against inflation and volatility.<\/p>\n
Sim had previously called bitcoin \u201cthe greatest invention in human history\u201d and pledged to donate $10,000 worth of bitcoin to the city.<\/p>\n
Council timeline and provincial stance<\/p>\n
In December 2024, Vancouver City Council approved exploring a bitcoin reserve and asked staff to report back by the first quarter of 2025.<\/p>\n
No public report appeared until earlier this week.<\/p>\n
CBC previously reported that British Columbia\u2019s Ministry of Municipal Affairs said local governments are not permitted to hold reserves in crypto, citing concerns about exposure to \u201cundue risk.\u201d<\/p>\n
Bitcoin price context<\/p>\n
The report comes after a volatile stretch for bitcoin, which the article said hit an all-time high above $126,000 before falling about 50% to around $63,000 over four months.<\/p>\n
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