City staff in Vancouver are advising councillors to reject Mayor Ken Sim’s proposal to accept Bitcoin as payment and investigate holding some of the city’s funds in the cryptocurrency.
Bitcoin: “Not An Allowable Investment Asset”
A recent city staff report, released on March 2nd, advises against Vancouver investing in Bitcoin, effectively recommending against Mayor Sim’s plan to make Vancouver a “Bitcoin friendly city.” The report also suggests the city council reconsider and potentially drop 78 previously approved motions dating back to 2019 as part of an effort to streamline outstanding tasks.
According to the report, this change is happening because the city needs to use its staff and money more efficiently. The aim is to streamline work and combine efforts with other projects, ultimately reducing overall spending by making better use of what the city already has.
City officials support these findings by referencing the Vancouver Charter, the provincial law governing how cities can invest public money.
Inside The Vancouver Charter
British Columbia’s government has stated that cities cannot accept cryptocurrency, like Bitcoin, as payment for services or other fees. This means cities should not record cryptocurrency as regular funds when managing their finances, according to the province’s Community and Vancouver Charters.
As an analyst, I’m seeing that the ministry has clarified local governments can’t hold financial reserves in cryptocurrency. The reason, as they’ve stated, is that current provincial laws only allow investments in specific types of assets, and crypto isn’t included on that list.
Local governments in British Columbia are legally restricted in where they can invest public funds. According to section 183 of the Community Charter, permitted investments include things like provincial and federal bonds, and highly-rated securities from institutions like the Municipal Finance Authority. Bitcoin and other cryptocurrencies aren’t included in this list of approved investments, which doesn’t necessarily mean they’re banned – the law simply doesn’t address them.
The Bitcoin Dream: A Bitcoin Friendly City
In December 2024, Mayor Sim successfully advocated for a plan to invest in Bitcoin. As a cryptocurrency exchange investor, he argued that Bitcoin was a sound financial decision given concerns about inflation and market instability. He even committed to personally donating $10,000 in Bitcoin to start a city fund, calling it a key financial advancement of our time.
Vancouver City Council should consider adding Bitcoin to its investments, as it could help protect the city’s finances. Ignoring this possibility would be a mistake.
What’s Next?
Staff originally planned to provide an update to the council by early 2025, but no report was released until the one mentioned here.
City staff in Vancouver will present their recommendation to the city council on March 10th. Mayor Sim will then face a difficult choice: either strongly support his plans for Bitcoin, potentially risking political fallout, or allow those plans to be abandoned by his own team.
Cover image from ChatGPT, BTCUSD chart from Tradingview
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2026-03-06 18:41