Vancouver Mayor Ken Sim’s BTC reserves proposal blocked by city, provincial law
Vancouver Mayor Ken Sim's proposal to invest city reserves in Bitcoin was blocked by municipal and provincial laws.Summary
Vancouver Mayor Ken Sim's plan to invest city reserves in Bitcoin was deemed impermissible by city staff, who cited restrictions within the Vancouver Charter and British Columbia’s Municipal Finance Authority Act. A staff report recommends closing the motion to make Vancouver a “bitcoin-friendly city” because the Charter strictly limits allowable investment assets to traditional instruments like government securities, municipal debt, and bank-guaranteed investments. The governing framework explicitly excludes commodities and cryptocurrencies. However, the report noted that a related, softer goal—accepting Bitcoin for taxes or fees provided it is immediately converted to Canadian dollars—might still be possible, as the charter governs investment, not payment processing.
(Source：CoinDesk)