The City of Vancouver, Canada, has decided to terminate the Bitcoin reserve proposal after a legal review

According to market news, staff from the City of Vancouver have recommended terminating a council motion that explored the city becoming a "btc-42">Bitcoin-friendly city," citing that its regulations do not allow Bitcoin to be held as a municipal reserve asset.

In the report, staff stated that it has been definitively determined that Bitcoin does not fall under the category of permitted investment assets, and referenced the Vancouver Charter, which stipulates the allocation of municipal funds and does not allow Bitcoin to be held as a reserve asset.

The motion was proposed over a year ago by Mayor Ken Sim, aiming to explore the possibility of accepting cryptocurrency for tax payments and converting part of the financial reserves into Bitcoin. The British Columbia Ministry of Municipal Affairs pointed out at the time that, according to provincial regulations, municipal authorities cannot hold financial reserves in cryptocurrency, as the legislative intent is to prevent local government funds from facing undue risks.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.