US EditionVancouver 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.
19 Articles
19 Articles
Vancouver Staff Say Bitcoin Reserve Plan Violates Law, Urge Council to Drop Proposal
A proposal to add Bitcoin to Vancouver’s municipal reserves has hit a legal wall, with city staff advising council to abandon the initiative entirely. The recommendation comes ahead of a March 10 council meeting, where officials will consider closing a 2024 motion that explored turning Vancouver into a “Bitcoin-friendly city.” The plan was championed by Mayor Ken Sim, who had pushed for the city to study allocating part of its financial reserves…
Vancouver Mayor’s Bitcoin Reserve Dream Hits Legal Wall
Vancouver city staff have recommended that councillors drop Mayor Ken Sim’s Bitcoin motion, which ordered work on accepting payments in BTC and exploring a Bitcoin reserve for part of the city’s funds. Bitcoin: “Not An Allowable Investment Asset” In a report released on March 2 reviewing outstanding council directions, the Vancouver staff has deemed Bitcoin […]
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