Vancouver, Canada proposes to revoke Bitcoin reserve plan: not in accordance with local laws

DeepFlowTech · 2026-03-06T06:16:19+00:00

Vancouver city staff submitted a report to the city council recommending the withdrawal of the Bitcoin-friendly city proposal. Legal review results indicate that Bitcoin does not qualify as an investment asset for the city government. The proposal was originally introduced by Mayor Ken Sim and aimed to combat inflation. The local government was accused of not allowing the holding of financial reserves in cryptocurrencies.

DeepFlowTech

2026-03-06 06:16:19

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Deep Tide TechFlow News, on March 6th, according to The Block, staff from Vancouver, Canada submitted a report to the city council recommending the withdrawal of the previously proposed plan to “diversify financial reserves to protect the city’s purchasing power — becoming a Bitcoin-friendly city.” The report states that after legal review, it was confirmed that, under the Vancouver Charter (a provincial law governing Vancouver’s municipal operations), Bitcoin is not an authorized investment asset for the city.

The proposal was introduced by Vancouver Mayor Ken Sim in November 2024, aiming to allocate part of the municipal funds into Bitcoin to combat inflation and volatility. The Vancouver City Council approved the proposal in December 2024 and asked city staff to assess its feasibility. At that time, the Ministry of Municipal Affairs of British Columbia stated that local governments, including Vancouver, are not permitted to hold financial reserves in cryptocurrencies due to potential “inappropriate risks.”

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