The City of Vancouver in Canada has decided to terminate the Bitcoin reserve proposal after a legal review

According to market news, staff from the City of Vancouver have recommended terminating a council motion exploring the city's designation as a "Bitcoin-friendly city," citing that its regulations do not allow Bitcoin to be held as a municipal reserve asset.

In the report, staff stated that it has been definitively determined that Bitcoin does not fall under the category of permitted investment assets, and referenced the Vancouver Charter, which specifies that municipal funds must be directed in a manner that does not allow Bitcoin to be held as a reserve asset. The motion was proposed over a year ago by Mayor Ken Sim, aiming to explore the possibility of accepting cryptocurrency for tax payments and converting part of the financial reserves into Bitcoin. The British Columbia Ministry of Municipal Affairs had pointed out at the time that, according to provincial regulations, municipal authorities cannot hold financial reserves in cryptocurrency, as the legislative intent is to prevent local government funds from facing undue risks.