ancouver Mayor’s Bitcoin Investment Plan Blocked by Law
Vancouver Mayor Ken Sim’s proposal to invest city reserves in Bitcoin (BTC $67,722.62) is prohibited under the Vancouver Charter and British Columbia’s Municipal Finance Authority Act, a staff report confirms.
The briefing, issued ahead of a March council meeting, recommends closing a 2024 motion that aimed to make Vancouver a “bitcoin-friendly city.” Staff concluded the plan violates municipal investment rules, stating that “under the Vancouver Charter, bitcoin is not an allowable investment asset for the City.”
Canadian municipal law strictly limits city investments. Section 201 of the Vancouver Charter permits idle funds to be invested only in government securities, municipal debt, bank-guaranteed instruments, credit union deposits, and certain pooled investment vehicles. The Municipal Finance Authority Act reinforces these rules, restricting municipal investment pools to government bonds, municipal securities, bank deposits, and highly rated commercial paper—explicitly excluding stocks, commodities, and cryptocurrencies.
A narrower question remains whether Vancouver could still pursue the “bitcoin-friendly” branding goal by accepting bitcoin for taxes or fees, provided it is immediately converted into Canadian dollars. While the charter regulates city fund investments, it does not necessarily govern payment processing.
