According to a report by The Block on March 6th, Mars Finance reported that Vancouver city staff, after legal review, recommended that the city council withdraw a proposal to make the city "Bitcoin-friendly." In a recent report submitted to the Vancouver City Council, staff recommended scrapping the proposal entitled "Protecting Urban Purchasing Power Through Diversified Fiscal Reserves – Becoming a Bitcoin-Friendly City," which was initially proposed in November 2024. The report stated, "Staff have clearly determined that, under the Vancouver Charter, Bitcoin is not a permitted investment asset for the city, and therefore recommends terminating related work." The Vancouver Charter is the law governing all aspects of municipal operations. The report also mentioned that readjusting staff resource priorities and coordinating with other municipal projects were additional reasons for recommending the withdrawal of the proposal.
The City of Vancouver has recommended that the City Council withdraw its proposal to build a "Bitcoin-friendly" city.
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