Bitcoin not an ‘allowable asset’: Vancouver city staff asks council to drop BTC reserve motion
Vancouver city staff recommended dropping a motion to make the city Bitcoin-friendly after determining BTC is not an allowable investment asset.Summary
Vancouver city staff has advised the City Council to rescind a November 2024 motion that aimed to make the city "bitcoin-friendly" by diversifying financial reserves into Bitcoin (BTC). A recent report concluded that under the Vancouver Charter, Bitcoin is not an allowable investment asset for the City, recommending the work be concluded. The original motion, presented by Mayor Ken Sim, sought to protect purchasing power against inflation and volatility. Although the City Council approved assessing the motion in December 2024, staff cited the legal determination and the need to reprioritize resources for the recommendation to drop the initiative. The province's Ministry of Municipal Affairs had previously expressed concerns about local governments holding crypto reserves due to "undue risk."
(Source：The Block)