Key Highlights

Vancouver city staff has advised council to close Mayor Ken Sim’s “Bitcoin-friendly city” initiative after concluding that current municipal rules do not allow the city to hold Bitcoin as an investment asset. Staff said Bitcoin is not an allowable investment under the Vancouver Charter and recommended that the work be concluded.

Legal Review Outcome

In a staff recommendation referenced in this week's coverage, the city concluded that municipal investment rules under the Vancouver Charter do not permit Bitcoin to be held as part of the City’s reserves, and that the initiative should be closed rather than continued.

Motion Background

Sim’s motion, titled “Preserving the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming a Bitcoin Friendly City,” was approved in December 2024 and instructed staff to analyze potential integration steps, including accepting Bitcoin for taxes and fees and exploring whether a portion of financial reserves could be converted to Bitcoin. The motion also directed staff to report back on feasibility, risks, and potential benefits by the end of Q1 2025. 

Resource Rationale

The recommendation to close the initiative is being presented as part of a wider reprioritization of council work, with staff suggesting certain items be scaled back or ended to focus resources on 2026 priorities. Council is expected to take up the recommendation on March 10.