Vancouver Shelves Bitcoin Reserve Proposal Following Legal and Regulatory Review

The City of Vancouver has decided to halt its proposal to establish a Bitcoin reserve after a comprehensive legal review highlighted significant regulatory hurdles. Mayor Ken Sim had initially introduced the motion in late 2024, aiming to diversify the city’s financial holdings and hedge against inflation by investing a portion of municipal funds into the cryptocurrency. However, legal experts and city staff determined that the British Columbia ‘Vancouver Charter’—the legislation governing the city’s powers—does not currently authorize the purchase or holding of digital assets like Bitcoin for investment purposes. As a result, the city council will not proceed with the initiative at this time, prioritizing compliance with provincial financial regulations over the proposed experimental investment strategy.

Source: Vancouver Moves to Close Bitcoin Reserve Proposal After Legal Review