Vancouver Bitcoin reserve effort hits resistance from city bureaucrats

City staff reject Bitcoin reserve proposal

Vancouver city staff have stated that Bitcoin is not permitted under the Vancouver Charter and have recommended that Mayor Ken Sim’s 2024 proposal to establish a Bitcoin reserve be dropped ahead of a March 10 council vote.

Legal and regulatory barriers

The city’s attempt to include Bitcoin in its financial reserves has encountered significant legal and regulatory barriers. Staff have concluded that cryptocurrency investments, including Bitcoin, are not allowed under municipal law.

Mayor’s initiative blocked

Mayor Ken Sim had proposed exploring the conversion of some city reserves into Bitcoin, but the proposal has been blocked due to legal restrictions. The city’s charter does not permit such investments, and this has been confirmed by both internal staff reviews and external legal analysis.

Related news and sources

• Vancouver Bitcoin reserve effort hits resistance from city bureaucrats
• Vancouver’s attempt to incorporate Bitcoin into its financial strategy has encountered significant legal and regulatory barriers
• Vancouver’s staff recommend dropping the bitcoin reserve plan
• Why Vancouver Rejected the ‘Bitcoin-Friendly City’ Push
• Vancouver city staff say Bitcoin cannot be held in municipal reserves
• Vancouver Mayor Ken Sim’s BTC reserves proposal blocked by city and provincial law
• Vancouver Staff Urges Council To Drop Bitcoin Reserve Plan
• Vancouver Staff Say Bitcoin Cannot Be Held in City Reserves
• Vancouver’s Bitcoin Reserve Dream Hits Legal Wall

來源：https://cointelegraph.com/news/vancouver-staff-bitcoin-reserve-not-allowed-city-charter