Overview
- City staff said they have conclusively determined Bitcoin is not an allowable investment asset under the Vancouver Charter and B.C.’s Municipal Finance Authority framework.
- The report recommends closing Mayor Ken Sim’s 2024 motion to explore a “Bitcoin‑friendly” approach and reprioritizing limited staff resources.
- The B.C. Ministry of Municipal Affairs has stated municipalities may not hold reserves in cryptocurrency to prevent exposing public funds to undue risk.
- Council is slated to consider the recommendation at its March 10 meeting, and adoption would formally end the initiative.
- A narrow question remains unresolved: Vancouver might still accept Bitcoin for payments if converted immediately to Canadian dollars.