Vancouver city staff have formally recommended that the City Council reject a proposal to explore Bitcoin as a reserve asset, citing legal restrictions and financial risks. The original motion, introduced by Mayor Ken Sim, aimed to study the potential of Bitcoin to protect the city’s purchasing power and diversify its financial holdings. However, a staff report clarified that under the Vancouver Charter, Bitcoin does not qualify as an “allowable asset” for municipal investment. The report emphasized that the city’s investment policy prioritizes the preservation of capital and liquidity, noting that Bitcoin’s extreme price volatility makes it unsuitable for public funds. Staff further advised that any shift toward cryptocurrency would require provincial legislative changes and could expose the city to unnecessary fiscal instability. The recommendation effectively puts a halt to the “Bitcoin Friendly City” initiative for the time being as the council prepares to vote on the staff’s findings.
Source: Bitcoin not an ‘allowable asset’: Vancouver city staff asks council to drop BTC reserve motion
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