Vancouver staff urge halt to municipal Bitcoin reserve plan ahead of March 10 vote
Vancouver city staff have advised council to discontinue efforts to create a municipal bitcoin reserve, concluding that the Vancouver Charter does not list cryptocurrency as a permitted investment. The recommendation comes ahead of a scheduled March 10 council vote, with staff pointing to legal limits, fiduciary duties and the potential for undue financial risk if the city attempted to treat BTC as a treasury asset.
The finding is a setback for municipal crypto experimentation and could influence other Canadian cities weighing similar moves. It narrows practical options to seeking a change in provincial rules or gaining exposure through provincially approved instruments (for example, regulated ETFs), while underscoring custody, volatility and governance concerns that informed staff caution. Council’s decision next week will be watched by institutional and municipal observers for signals about public-sector appetite for crypto exposure and how governments balance innovation with fiscal responsibility.