Vancouver faces risk of scrapping Bitcoin reserve plan amid opposition from city administrators
Summary
- The City of Vancouver, Canada, said its plan to introduce a Bitcoin (BTC) reserve could be stalled due to opposition from the city administration.
- Vancouver City Council said it approved the Bitcoin reserve proposal introduced in 2024 by Mayor Ken Sim, by a vote of 6 in favor and 2 against.
- The proposal calls for diversifying a portion of the city’s financial reserves into digital assets such as Bitcoin, and a final decision is expected to be made in a City Council vote on Tuesday.
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The City of Vancouver, Canada, has run into resistance from the city administration over its long-pursued plan to introduce a Bitcoin (BTC) reserve.
According to Cointelegraph, a digital-asset news outlet, on the 6th (Korea time), many Vancouver city officials opposed the agenda item to hold Bitcoin as part of the city’s financial reserves.
In a report, Colin Knight, the City of Vancouver’s chief officer for finance and supply chain management, said that “including Bitcoin as an eligible investment for the city’s reserves is not permitted under current regulations.”
Vancouver City Council previously passed a proposal to establish a Bitcoin reserve, introduced in 2024 by Mayor Ken Sim, by a vote of 6 in favor and 2 against. The proposal would allow a portion of the city’s financial reserves to be diversified into digital assets such as Bitcoin.
However, with the city administration stating the proposal is inappropriate, analysts say the initiative could be delayed. A final decision is expected to be made in a City Council vote scheduled for next Tuesday.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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