Vancouver ends Bitcoin reserve plan after legal review
6.6 Regulation Vancouver officials have recommended ending the city's Bitcoin initiative, citing legal and financial restrictions that prohibit holding Bitcoin in municipal reserves.
Vancouver city officials have recommended ending the initiative to make the city "Bitcoin-friendly" following a legal review. The review found that the Vancouver Charter does not allow Bitcoin to be used as an investment asset for municipal reserves. The proposal, launched in late 2024, aimed to explore accepting taxes and fees in cryptocurrency and converting part of the city's reserves into Bitcoin. However, staff reports highlighted that both municipal and provincial laws prohibit local governments from holding cryptocurrency due to financial risk concerns. As part of a broader review of council initiatives, officials advised closing the motion and redirecting resources to higher-priority projects. This decision effectively ends Vancouver's exploration of integrating Bitcoin into its financial operations.
