Vancouver City Staff Rejects Bitcoin Treasury Idea Ahead of March 10 Council Vote

Vancouver city staff have recommended that council halt work on a motion exploring a municipal bitcoin reserve, concluding the cryptocurrency is not an allowable investment under the Vancouver Charter.

Vancouver Council to Decide Fate of Bitcoin Reserve Proposal

A March 2, 2026, report from Vancouver’s Finance and Supply Chain Management department determined that bitcoin cannot legally be held in the city’s financial reserves. Staff wrote that they had “conclusively determined that under the Vancouver Charter, bitcoin is not an allowable investment asset for the City,” recommending the initiative be closed.

The recommendation will go before Vancouver City Council on March 10 as part of a broader review of 78 outstanding council motions dating back to 2018. City staff suggested reprioritizing, merging, postponing, or closing 27 of those items to redirect resources toward current policy priorities.

The bitcoin proposal originated from a Dec. 11, 2024, motion introduced by Mayor Ken Sim titled “Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City.” The measure directed staff to examine whether the city could accept bitcoin for taxes and fees and potentially convert a portion of its financial reserves into the cryptocurrency.

Supporters of the motion argued bitcoin’s capped supply of 21 million coins and growing institutional adoption could help protect the city’s purchasing power. The proposal also referenced Vancouver’s history in the crypto sector, including the world’s first bitcoin ATM in 2013 and local blockchain firms such as Dapper Labs and Hive Blockchain.

However, staff concluded the Vancouver Charter — the provincial legislation governing the city — restricts municipal investments to conservative financial instruments. Permitted holdings include federal or provincial government securities, municipal debt, bank deposits, and certain pooled funds, but exclude higher-risk assets such as cryptocurrencies.

The legal interpretation aligns with guidance previously issued by British Columbia’s Ministry of Municipal Affairs, which indicated local governments cannot hold crypto assets in municipal reserves under current law. The motion also comes as bitcoin’s purchasing power has eroded quite a bit since its $100,000 or more value last year.

Staff noted that while accepting bitcoin for taxes or fees might theoretically be explored if payments were immediately converted to Canadian dollars, the motion’s central concept of maintaining a bitcoin reserve would require changes to provincial legislation.

If the council approves the recommendation to close the motion, Vancouver would join other Canadian municipalities that currently limit treasury investments to traditional assets. Any future effort to hold crypto reserves would likely require amendments to the Vancouver Charter or related provincial statutes.

FAQ 🔎

• **Why can’t Vancouver hold bitcoin in its reserves?**The Vancouver Charter restricts municipal investments to low-risk assets such as government securities, bank deposits and municipal debt.
• **When will Vancouver City Council vote on the recommendation?**Council is scheduled to consider the staff recommendation on March 10, 2026.
• **What did Mayor Ken Sim’s original motion propose?**The 2024 motion asked staff to analyze accepting bitcoin for taxes and potentially converting part of the city’s reserves into the cryptocurrency.
• **Could Vancouver ever hold bitcoin in the future?**It would likely require changes to provincial legislation governing municipal investment rules.