A proposal to establish a Bitcoin reserve for the city of Vancouver has encountered resistance from municipal officials ahead of a scheduled council vote. City staff concluded that Bitcoin does not qualify as an allowable investment under the Vancouver Charter, recommending that council drop the initiative introduced by Mayor Ken Sim in 2024.
The motion, titled “Preserving the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming a Bitcoin-Friendly City,” was originally approved by the council with six votes in favor and two opposed. The plan aimed to explore whether allocating part of the city’s financial reserves to Bitcoin could help protect purchasing power over time. However, a review led by the city’s Finance and Supply Chain Management Department determined that current municipal regulations do not permit holding digital assets as part of official reserves.
The debate highlights broader institutional discussions about the role of digital assets in public finance. Proponents of the proposal cited Bitcoin’s fixed supply and its potential role as a hedge against currency debasement. Critics, including some municipal finance officials, argue that existing legal frameworks and volatility concerns make such allocations difficult to justify for public treasuries.
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