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Vancouver city staff recommend ending work on mayor’s ‘bitcoin-friendly city’ motion
Staff advise ending the bitcoin-friendly city motion due to legal investment restrictions and resource reprioritization amid concerns over cryptocurrency volatility and emissions.
- Vancouver city staff asked council to de-prioritize some of the 78 motions passed since 2019, including the bitcoin motion, to reprioritize staff resources and align work with related initiatives.
- Under Section 201 of the Vancouver Charter, municipal investments exclude cryptocurrencies, and the B.C. Municipal Affairs Ministry told CBC in December 2024 that bitcoin is not permitted, with Vancouver city staff concluding it is not allowable.
- Vancouver Mayor Ken Sim promoted the idea on podcasts, calling bitcoin 'the greatest invention ever,' and reportedly said his family would donate $10,000 worth of bitcoin to the city.
- A council meeting on March 10 will consider staff's recommendations to close the bitcoin work and de-prioritize the Granville Street bridge suicide‑prevention fence motion to free resources.
- Notably, a question remains whether the city could accept bitcoin for payments if immediately converted to Canadian dollars, as Vancouver Mayor Ken Sim has dialed back his bullishness this year, while independent experts flagged blockchain greenhouse gas emissions and price volatility.
23 Articles
23 Articles
Bitcoin News: Vancouver Rejects BTC Reserve Plan After Staff Raise Legal Barrier
Key Insights: Bitcoin news: BTC is not an allowable investment under the Vancouver Charter, staff said. City staff urged council to abandon the reserve plan and consolidate related efforts. Bitcoin’s massive decline undermined the inflation hedge case behind the proposal. Vancouver city staff have suggested abandoning a proposal to hold Bitcoin in municipal reserves. The Bitcoin news came after a review of the city’s legal investment powers und…
Vancouver City Staff Recommend Ending Work on Bitcoin Reserve
Vancouver city staff have recommended ending work on a motion to make the city “Bitcoin-friendly,” including exploring a Bitcoin reserve. This stems from a motion passed by Vancouver City Council in December 2024, introduced by Mayor Ken Sim. The motion, titled “Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A […] The post Vancouver City Staff Recommend Ending Work on Bitcoin Reserve appeared …
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