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Vancouver staff recommend dropping bitcoin investment plan due to legal and risk restrictions.
Vancouver city staff have recommended abandoning Mayor Ken Sim’s 2024 motion to explore using bitcoin from city reserves, citing that the Vancouver Charter and provincial law prohibit cryptocurrencies as allowable investments.
The move follows legal constraints requiring public funds to be invested in low-risk instruments like government securities and bank deposits.
While the city cannot hold bitcoin, officials noted it could accept bitcoin payments if immediately converted to Canadian dollars.
The recommendation, part of a broader effort to reprioritize 78 motions since 2019 due to funding limits, is awaiting council approval.
El personal de Vancouver recomienda abandonar el plan de inversión en bitcoins debido a restricciones legales y de riesgo.