On March 6, news reports indicated that Vancouver, Canada, faced significant resistance to its plan to incorporate Bitcoin into the city’s financial system. According to an official report submitted to the Vancouver City Council on March 10, city officials advised councilors not to proceed with the “Bitcoin-friendly City” motion previously proposed by Mayor Ken Sim, which aimed to explore integrating Bitcoin into municipal finance.
The initial plan centered on two main areas: first, allowing residents to pay some municipal services with Bitcoin; second, investigating whether part of the city’s financial reserves could be allocated to digital assets. Ken Sim first proposed this idea in December 2024, believing that amid rising inflation and increasing global economic uncertainty, Bitcoin could serve as a potential tool to protect public funds’ purchasing power and enhance Vancouver’s influence in global blockchain innovation.
However, city officials raised several concerns in the report. The first was legal restrictions. Currently, provincial laws in British Columbia do not permit local governments to hold or trade cryptocurrencies as part of their financial management strategies, meaning Vancouver might face institutional barriers even if it wanted to establish Bitcoin reserves.
The second concern involved financial risks. The report pointed out that Bitcoin’s high volatility could introduce additional uncertainty to taxpayers’ funds if included in public reserves. Some policy advisors argued that public sector asset allocation should prioritize stability rather than bear the risks associated with highly volatile digital assets.
Meanwhile, supporters argued that Bitcoin has a certain store-of-value property in a long-term inflation environment. Some crypto industry figures noted that as more institutions and companies explore Bitcoin reserve strategies, local governments that completely avoid this trend might miss opportunities for technological innovation and digital financial development.
Currently, the staff report has been submitted to the city council for review. Councilors will decide whether to officially terminate the proposal or continue further research amid the risk debates. If the council adopts the staff’s recommendation, Vancouver’s plans to explore Bitcoin as a municipal reserve or payment tool may be temporarily shelved.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
USDT supply hits fresh $188b ATH as Tether tightens grip on stablecoins
Tether CEO Paolo Ardoino says USDT supply has hit a record $188b, cementing the stablecoin's dominance as broader stablecoin liquidity sits near all-time highs.
Summary
Tether CEO Paolo Ardoino says USDT supply has reached a record $188 billion.
The new peak comes weeks after stablecoins hit a
Cryptonews3h ago
Grayscale Research Head: Bitcoin Rally Above $76K Could Signal Start of Bull Market Phase One
Grayscale research head Zach Pandl analyzes Bitcoin's rebound from a February low, using the realized price metric to show recent buyers at breakeven and hint at an early bull phase, with a reported bottom around $65k-$70k.
Grayscale’s Pandl: Bitcoin hit ~63k in Feb, rose to ~76k; realized price ~74k shows recent buyers breakeven, hinting at early bull phase and a bottom around 65-70k.
GateNews3h ago
Scammers Impersonating Iranian Officials Demand Bitcoin and USDT from Ships in Strait of Hormuz
Gate News message, April 21 — Scammers posing as Iranian officials are demanding Bitcoin (BTC) and Tether (USDT) as transit fees from ships in the Strait of Hormuz, according to a warning from MARISKS, a Greece-based maritime risk management firm. The scheme falsely promises "safe transit
GateNews3h ago
Bitcoin, Ethereum and Solana ETFs Record Positive Net Inflows on April 21
Gate News message, according to the April 21 update, Bitcoin ETFs recorded a 1-day net inflow of 3,599 BTC (approximately $272.59 million) and a 7-day net inflow of 18,914 BTC (approximately $1.43 billion). Ethereum ETFs showed a 1-day net inflow of 34,380 ETH (approximately $79.25 million) and a 7-
GateNews3h ago
Fidelity and Capital Group Become Strive's Two Largest Shareholders
Gate News message, April 21 — Fidelity and Capital Group have become the two largest shareholders of Strive, a Bitcoin treasury company, according to CEO Cole Macro. The two firms collectively hold ASST shares valued at approximately $152.8 million, as confirmed by the company's latest
GateNews3h ago
Charles Schwab to Launch Bitcoin and Ethereum Trading, Releases Educational Content on BTC
Charles Schwab plans to expand into crypto, offering Bitcoin education and direct BTC/ETH trading, allowing customers to buy Bitcoin in accounts; analysts call it a major mainstreaming moment.
Schwab announces an expansion into cryptocurrency with Bitcoin education and direct BTC/ETH trading, enabling clients to hold Bitcoin in their accounts; analysts view this as a turning point toward mainstream adoption.
GateNews4h ago
