Vancouver city staff have advised that Bitcoin is not permitted under the Vancouver Charter and are recommending council drop Mayor Ken Sim’s 2024 proposal to establish a Bitcoin reserve. The recommendation comes ahead of a council vote scheduled for Tuesday.
Staff recommendation and legal view
According to staff, the city’s governing legislation does not allow Bitcoin to be held as part of municipal reserves. Based on that interpretation, staff are urging council to discontinue the initiative rather than proceed to implementation or further study.
Background on the proposal
Mayor Ken Sim advanced a proposal in 2024 to explore creating a Bitcoin reserve for the City of Vancouver. The concept would have marked a departure from traditional municipal treasury practices, which typically limit holdings to highly regulated, conventional financial instruments.
What’s next
Council is expected to consider the staff recommendation at its Tuesday meeting. If adopted, the proposal would be formally set aside. Any future effort to authorize municipal crypto holdings could require additional policy development and may necessitate changes to the Vancouver Charter at the provincial level.
Broader context
Municipal adoption of digital assets remains rare, with most local governments citing legal constraints, volatility, custody, and accounting complexity as key barriers. The Vancouver staff recommendation underscores the regulatory hurdles public entities face when considering nontraditional reserve assets such as Bitcoin.