[Vancouver City Government Recommends Closing Bitcoin Reserve Proposal After Legal Review] Odaily Planet Daily News – Vancouver city staff have recommended closing a council motion exploring whether the city could become a 'Bitcoin-friendly city,' citing a legal review that determined the Vancouver Charter does not permit Bitcoin to be held as a municipal reserve asset. In a report submitted to the city council, staff stated that it has been 'conclusively determined' that Bitcoin is not an 'eligible investment asset' and recommended closing the motion within the framework of reallocating work resources and priorities. The proposal originated from a motion pushed by Mayor Ken Sim over a year ago, which asked staff to explore the possibility of the city accepting cryptocurrency for tax payments and converting part of its financial reserves into Bitcoin. The British Columbia Ministry of Municipal Affairs had previously stated that under provincial regulations, municipal governments are prohibited from holding financial reserves in the form of cryptocurrency. The relevant legislation aims to ensure that local government funds are not exposed to excessive risk. Pete Fry, the sole opponent of the motion in the council, told local media that he had previously believed the proposal had already been shelved. Kevin Lee, Chief Business Officer of the cryptocurrency exchange Gate, told Decrypt that the legal and financial obstacles were understood from the beginning, and ending the process is not surprising. Zeus Research analyst Dominick John stated that the structure of municipal treasuries is aimed at capital preservation, and until legislative, accounting, and custodial frameworks are improved, similar cities will remain in the research phase.