Vancouver Abandons Bitcoin Reserve Fund Proposal

Legal Restrictions Pose Barriers

On December 5, Vancouver city staff submitted a report evaluating the progress of various motions under consideration by the city council, listing the discontinuation of Mayor Sim's proposed Bitcoin (BTC) reserve fund as one of the recommended actions.

In December 2024, the Vancouver City Council approved Mayor Sim's motion to make the city 'Bitcoin-friendly' with a majority vote. The staff was tasked to explore the feasibility of converting a portion of the city's fiscal reserves into Bitcoin, as well as the possibility of accepting Bitcoin for city taxes and various fees...