Vancouver mayor’s plan to invest in Bitcoin halted by city and provincial regulations.

Vancouver Mayor’s Bitcoin Investment Plan Blocked by Law

Vancouver Mayor Ken Sim’s proposal to invest city reserves in Bitcoin (BTC $67,722.62) has been ruled impermissible under the Vancouver Charter and British Columbia’s Municipal Finance Authority Act, according to a staff report.

The briefing, released ahead of a March council meeting, recommends closing a 2024 motion to make Vancouver a “bitcoin-friendly city,” after staff concluded the plan violates municipal investment rules. Officials stated they “conclusively determined that under the Vancouver Charter, bitcoin is not an allowable investment asset for the City.”

The decision highlights the restrictive framework governing Canadian municipal investments. Section 201 of the Vancouver Charter limits idle city funds to federal or provincial securities, government-guaranteed bonds, municipal debt, bank-guaranteed instruments, credit union deposits, and certain pooled investment vehicles.

British Columbia’s Municipal Finance Authority Act reinforces these constraints, restricting municipal investment pools to conservative assets such as government bonds, municipal securities, bank deposits, and highly rated commercial paper. Eligible securities under the law include bonds, debentures, deposit certificates, and promissory notes—explicitly excluding stocks, commodities, and cryptocurrencies.

A narrower question remains unresolved: whether Vancouver could pursue the “bitcoin-friendly” branding goal by accepting bitcoin for taxes or fees, provided the cryptocurrency is immediately converted into Canadian dollars. While the charter governs city fund investments, it does not necessarily regulate payment processing.