The City of Vancouver, Canada, has decided to terminate its Bitcoin reserve proposal after a legal review.

CoinFeed reported on March 6th that, according to Decrypt, Vancouver city government staff have recommended terminating a council motion exploring the city becoming a "Bitcoin-friendly city" because its regulations prohibit holding Bitcoin as a municipal reserve asset. The staff stated in their report that they have definitively determined Bitcoin is not a permitted investment asset, citing the Vancouver Charter, which stipulates the allocation of municipal funds and prohibits the use of Bitcoin as a reserve asset. The motion, proposed over a year ago by Mayor Ken Sim, aimed to explore the possibility of accepting cryptocurrency for tax payments and converting a portion of fiscal reserves into Bitcoin. The British Columbia Ministry of Municipalities at the time pointed out that, according to provincial regulations, municipalities cannot hold fiscal reserves in cryptocurrency, and the legislative intent was to avoid undue risks to local government funds.