Vancouver's mayor wanted the city to invest in Bitcoin, but the plan has hit a wall. City and p

Vancouver's Bitcoin Reserve Dream Hits a Wall: Charter Says No, Staff Report Confirms

Vancouver won't be putting Bitcoin in its city vaults anytime soon. Mayor Ken Sim's proposal to invest municipal reserves in BTC has been shot down by a staff report, which found it's a clear no-go under both the Vancouver Charter and British Columbia's Municipal Finance Authority Act.

The report, released ahead of the March city council meeting, recommends shutting down a 2024 motion that aimed to make Vancouver a "Bitcoin-friendly city." The reasoning? Straight from the charter: "Bitcoin is not a permitted investment asset for the city." End of story.

This isn't just Vancouver being picky. Canadian municipalities operate under a super tight leash when it comes to investing public money. Section 201 of the Vancouver Charter lays it out: surplus funds can only go into a short list of conservative stuff—federal or provincial bonds, government-guaranteed debt, municipal securities, bank deposits, credit union accounts, and some pooled funds. No crypto. No stocks. No commodities.

And just in case there was any wiggle room, the province's Municipal Finance Authority Act tightens the screws even more. Investment pools are restricted to government bonds, municipal paper, bank deposits, and high-grade commercial paper. Eligible securities? Bonds, debentures, deposit receipts, promissory notes. That's it. Fixed income and cash equivalents only. Bitcoin doesn't make the cut.

But here's where it gets interesting: the report leaves one door cracked. Vancouver might still be able to accept Bitcoin for tax or fee payments—as long as the crypto is flipped into Canadian dollars immediately. The charter governs how money is invested, not necessarily how it's collected. So the branding play might still be alive, even if the treasury play is dead.