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Vancouver City Council Urged to Withdraw Proposal for "Bitcoin-Friendly" City

2 hours ago

On March 6, The Block reported that Vancouver, Canada, city officials have recommended the city council withdraw a proposal to designate the city a “Bitcoin-friendly” city following a legal review. In a recent report submitted to the Vancouver City Council, staff recommended repealing the motion—titled “Preserving the City’s Purchasing Power by Diversifying Financial Reserves: Becoming a Bitcoin-Friendly City”—which was first proposed in November 2024. The report stated: “Staff has unequivocally determined that under the Vancouver Charter (the law governing municipal operations in the city), Bitcoin does not qualify as a permitted investment asset for the municipality. Therefore, we recommend ceasing further work on the proposal.” Additional rationales cited for the withdrawal include reallocating staff resources to higher priorities and aligning the proposal with other municipal plans.
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Preview: Market Focus on Tonight's US February Unemployment Rate and Nonfarm Payrolls Data, Institutional Preview

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