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

PANews reported on March 6 that, according to Decrypt, Vancouver city officials have recommended terminating a council motion exploring the city becoming a "Bitcoin-friendly city" because its regulations do not allow Bitcoin to be held as a municipal reserve asset. The officials 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, introduced by Mayor Ken Sim over a year ago, 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 provincial regulations prohibited municipalities from holding fiscal reserves in cryptocurrency, and the legislative intent was to prevent local government funds from being unduly risked.