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The biggest example of Bitcoin ($BTC) adoption is El Salvador, which accepts $BTC as its currency, while other countries and cities are following El Salvador’s lead.
Vancouver, Canada, which was on its way to becoming one of them, encountered a significant obstacle.
Accordingly, Vancouver authorities have proposed canceling the ‘Bitcoin-friendly city’ plan.
According to The Block, city officials in Vancouver, Canada, have advised the city council to abandon its plan to become a Bitcoin-friendly city.
A report prepared by city officials concluded that Bitcoin is not an eligible asset for municipal investments under local laws and recommended closing the relevant agenda item.
The report stated, “Officials have definitively determined that Bitcoin is not an authorized investment asset for the City under the Vancouver Charter and therefore recommend terminating this study.”
The motion, titled “Protecting the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming a Bitcoin-Friendly City,” was submitted by Mayor Ken Sim in November 2024. Sim described Bitcoin as “the greatest invention in human history” and pledged to donate $10,000 worth of Bitcoin to the city.
In December 2024, it was approved by the city council. This initiative included accepting cryptocurrency for taxes and fees and investing a portion of the city’s financial reserves in Bitcoin.
*This is not investment advice.