BlockBeats News, March 6th, according to The Block, city officials in Vancouver, Canada, have recommended to the city council to withdraw the proposal to designate the city as a “Bitcoin-friendly” city after a legal review.
In a report recently submitted to the Vancouver City Council, the staff recommended repealing the motion titled “Preserving the City’s Purchasing Power by Diversifying Financial Reserves—Becoming a Bitcoin Friendly City,” which was initially proposed in November 2024.
The report stated: “Staff has unequivocally determined that, under the Vancouver Charter, Bitcoin does not qualify as an investment asset permitted by the municipality, and therefore, it is recommended to cease further work.” The Vancouver Charter is the law that governs various municipal operations. The report also mentioned that reallocating staff resources’ priorities and aligning with other municipal plans were additional reasons for proposing the motion’s withdrawal.
