Vancouver officials recommend scrapping 'Bitcoin-friendly city' plan

City officials in Vancouver, Canada, have recommended that the city council abandon its plan to become a Bitcoin-friendly city, Decrypt reported. A report authored by the city concluded that Bitcoin is not an acceptable investment asset and proposed that the related agenda item be closed. The recommendation is based on the Vancouver Charter, which governs the city's operations and financial investments. The initiative, championed by Mayor Ken Sim, was adopted by the city council over a year ago. It involved exploring the acceptance of cryptocurrency for taxes and fees and investing a portion of the city's financial reserves in Bitcoin. However, the British Columbia provincial government had stated from the outset that local governments are prohibited from holding cryptocurrency, citing local statutes aimed at preventing excessive financial risk.