While El Salvador has become the first country in the world to adopt Bitcoin as legal tender, inspiring many regions to explore cryptocurrency applications, not all cities have been able to smoothly advance related plans. Vancouver, Canada, once attempted to create a 'Bitcoin-friendly city' but encountered legal bottlenecks in the process. According to The Block, Vancouver city officials have formally recommended that the City Council terminate the proposal. The basis for this is that the Vancouver Charter clearly stipulates that Bitcoin is not a legal asset class in which municipal funds can be invested. The official report states: 'After careful assessment, it has been confirmed that Bitcoin does not fall within the city's statutory investment scope, and it is recommended that this study be terminated.' The proposal was originally put forward by Mayor Ken Sim in November 2024, who himself called Bitcoin 'the greatest invention in human history' and promised to donate $10,000 worth of Bitcoin as a city reserve. In December of the same year, the City Council approved the plan, which included accepting cryptocurrency payments for taxes and municipal fees, and allocating part of the fiscal reserve to Bitcoin. However, legal compliance issues ultimately led to the project being halted, reflecting the institutional challenges faced by local governments in embracing emerging financial instruments.
Vancouver Cancels Bitcoin-Friendly City Initiative: Legal Restrictions Prove Key Obstacle
The Vancouver city government terminated its previously approved 'Bitcoin-friendly city' plan based on legal compliance considerations, pointing out that Bitcoin does not fall within the statutory asset scope for municipal investment, highlighting the institutional obstacles to the application of crypto assets in public finance.