Vancouver Bitcoin reserve effort hits resistance from city bureaucrats

Vancouver city staff say Bitcoin is not permitted under the Vancouver Charter and recommend closing Mayor Ken Sim’s 2024 reserve proposal ahead of a March 10 council vote.

Vancouver city staff said Bitcoin cannot be held in municipal reserves and recommended that the city council drop a proposal to create a Bitcoin reserve.

City staff, led by Colin Knight, general manager of the Finance and Supply Chain Management department, “conclusively determined” that Bitcoin (BTC) is not an “allowable investment” for the city under the Vancouver Charter, according to a motions update report dated March 2.

Staff recommended merging the motion with other related initiatives to reprioritize resources, with a final decision pending a council vote at a meeting on March 10.

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