Vancouver mayor's bitcoin investment proposal blocked by city, provincial law

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Vancouver mayor's bitcoin investment proposal blocked by city, provincial law Officials say the Vancouver Charter limits city reserves to government debt, bank instruments and other traditional assets. By Sam Reynolds | Edited by Sheldon Reback Mar 6, 2026, 8:39 a.m. Make us preferred on Google Vancouver, British Columbia (Mike Benna/Upsplash modified by CoinDesk) What to know : Vancouver Mayor Ken Sim’s proposal to invest city reserves in bitcoin is not allowed under the city's charter and British Columbia’s Municipal Finance Authority Act, according to a staff report. Staff concluded that bitcoin is not an eligible investment asset for the city, which is restricted to conservative instruments such as government and municipal securities, bank deposits and highly rated commercial paper. The report leaves open the possibility that Vancouver could accept bitcoin for taxes or fees if payments are immediately converted into Canadian dollars. Vancouver Mayor Ken Sim’s plan to invest city reserves in bitcoin BTC $ 70,614.48 is not permitted under the Vancouver Charter and British Columbia’s Municipal Finance Authority Act, a staff report says . The briefing released ahead of a March council meeting recommends closing a 2024 motion to make Vancouver a “bitcoin-friendly city,” after staff determined the plan violates municipal investment rules embedded in the city's charger. Staff wrote they “conclusively determined that under the Vancouver Charter, bitcoin is not an allowable investment asset for the City.” The conclusion reflects the highly restrictive framework governing how Canadian municipalities can invest public funds. Section 201 of the Vancouver Charter allows the city to invest idle funds only in a narrow set of instruments, such as federal or provincial government securities, government-guaranteed bonds, municipal debt, bank-guaranteed investments, credit union deposits and certain pooled investment vehicles. British Columbia’s Municipal Finance Authority Act reinforces the restriction. Municipal investment pools are limited to conservative assets such as government bonds, municipal securities, bank deposits and highly rated commercial paper. The law defines eligible securities as bonds, debentures, deposit certificates and promissory notes, reflecting a framework built around fixed income and cash equivalents. Stocks, commodities and cryptocurrencies are not included. A narrower question remains unresolved: whether Vancouver could still pursue the softer branding goal embedded in the motion by accepting bitcoin for taxes or fees, provided the cryptocurrency is immediately converted into Canadian dollars. While the charter regulates how city funds are invested, it does not necessarily govern how payments are processed. btc Bitcoin News Vancouver Canada More For You Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race By CoinDesk Research Feb 27, 2026 Commissioned by Pudgy Penguins CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events. What to know : Disrupting a Stagnant Market : Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product. View Full Report More For You Bitcoin and stocks stabilize after early week slide. The bond market isn’t convinced. By Omkar Godbole 3 hours ago Risk assets recover from oil-driven selloff as rising yields pressure Fed rate-cut bets. What to know : Bitcoin and global stocks have rebounded from an early-week sell-off sparked by the U.S.-Israel-Iran conflict. Bond yields, however, continue to climb as traders reassess the outlook for inflation and price out Fed rate cuts. Strong U.S. economic data and the prospect of a prolonged energy-driven inflation shock call for caution. Read full story Latest Crypto News Bitcoin and stocks stabilize after early week slide. The bond market isn’t convinced. 3 hours ago Almost nobody is talking about altseason anymore. That may be bullish 3 hours ago XRP drops 3% after failing to break $1.45 resistance 3 hours ago Bitcoin drops under $71,000, ETH, DOGE slide as war-week rally runs into resistance 4 hours ago OKX is building a social network directly into its trading app after massive $25 billion valuation 5 hours ago SEC, Justin Sun reach settlement over Tron lawsuit 10 hours ago Top Stories Ripple adds Coinbase crypto futures to its $3 trillion clearing platform 13 hours ago U.S. judge freezes BlockFills assets in dispute over 70 bitcoin with creditor Dominion Capital 13 hours ago Kraken's surprise Fed win may harken onslaught of crypto firms with narrow Fed access 13 hours ago U.S. banking agencies say capital should be same for standard or tokenized securities 10 hours ago Bitcoin pulls back to near $71,000 even as software sector soars 16 hours ago New York Stock Exchange owner values crypto exchange OKX at $25 billion in new partnership 20 hours ago In this article BTC BTC $ 70,614.48 ◢ 2.67 %