[Vancouver City Council in Canada Decides to Terminate Bitcoin Reserve Proposal After Legal Review] According to Decrypt, staff at the Vancouver City Council in Canada have recommended terminating a motion that explored the city becoming a 'Bitcoin-friendly city,' citing regulations that prohibit holding Bitcoin as a municipal reserve asset. In their report, staff concluded that Bitcoin does not qualify as a permitted investment asset and referenced the Vancouver Charter, which specifies the allocation of municipal funds and does not allow Bitcoin to be used as a reserve asset. The motion was proposed over a year ago by Mayor Ken Sim, aiming to study the feasibility of accepting cryptocurrency for tax payments and converting part of the city's financial reserves into Bitcoin. At the time, the British Columbia Ministry of Municipal Affairs pointed out that under provincial regulations, municipal authorities are not allowed to hold financial reserves in cryptocurrency. The legislative intent was to prevent municipal funds from being exposed to undue risks.