Buy CryptoMarketsSpotFuturesGOLDEarnEvent Center
More
Commodity Zero-Fee Gala
The post Vancouver Staff Say Bitcoin Cannot Be Held in City Reserves appeared on BitcoinEthereumNews.com. Vancouver, Canada, city staff said Bitcoin cannot be heldThe post Vancouver Staff Say Bitcoin Cannot Be Held in City Reserves appeared on BitcoinEthereumNews.com. Vancouver, Canada, city staff said Bitcoin cannot be held

Vancouver Staff Say Bitcoin Cannot Be Held in City Reserves

Author: BitcoinEthereumNews
Source: BitcoinEthereumNews
2026/03/07 10:13
3 min read
CITY
CITY$0.5909-4.49%
BTC
BTC$67,969.33-3.39%
NOT
NOT$0.0003604-4.93%
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com

Vancouver, Canada, city staff said Bitcoin cannot be held in municipal reserves and recommended that the city council drop a proposal to create a Bitcoin reserve.

City staff, led by Colin Knight, general manager of the Finance and Supply Chain Management Department, “conclusively determined” that Bitcoin (BTC) is not an “allowable investment” under the Vancouver Charter, according to a motions update report dated Monday.

Staff recommended merging the motion with other related initiatives to reprioritize resources, with a final decision pending a council vote at a meeting slated for Tuesday.

Source: Vancouver City Council

The proposal to create a Vancouver Bitcoin reserve was originally introduced in late 2024 by Mayor Ken Sim as part of a motion titled “Preserving the City’s Purchasing Power Through Diversification of Financial Reserves — Becoming a Bitcoin-Friendly City.”

The council passed the motion with six votes in favor and two opposed. Still, the latest developments may deny the proposal.

Bitcoin’s inflation hedge argument fades amid bear market

Introducing the proposal in 2024, Mayor Sim said the motion was partly aimed at helping the city hedge against inflation using Bitcoin, which has often been described as “digital gold” because of its fixed supply capped at 21 million coins.

“As an open, decentralized, and secure digital asset, Bitcoin has been recognized by many financial experts and analysts as a potential hedge against inflation and currency debasement,” the motion read.

Related: Bitcoin is forming a bottom as the 4-year cycle ends: VanEck CEO

The argument that Bitcoin acts as an inflation hedge has weakened recently as the cryptocurrency’s price declined sharply. Bitcoin has fallen about 50% from its October 2025 peak of above $126,000, returning to late-2024 levels and briefly touching lows near $60,000.

Bitcoin (BTC) price chart since late 2020. Source: CoinGecko

Despite skepticism from some analysts who argue Bitcoin does not behave like digital gold, macroeconomists such as Lyn Alden remain bullish on the digital asset relative to gold in the near term.

“If I had to bet Bitcoin versus gold over the next two to three years, I would bet Bitcoin,” Alden said on the New Era Finance podcast on Wednesday.

Magazine: Would Bitcoin really be at $200K if not for Jane Street? Trade Secrets

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy

Source: https://cointelegraph.com/news/vancouver-staff-bitcoin-reserve-not-allowed-city-charter?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Silver Prices Edge Closer to a Pivotal Support and Resistance Test

Silver Prices Edge Closer to a Pivotal Support and Resistance Test

The post Silver Prices Edge Closer to a Pivotal Support and Resistance Test appeared on BitcoinEthereumNews.com. The silver market, although experiencing recent
Share
BitcoinEthereumNews2026/03/07 11:29
U.S. Court Finds Pastor Found Guilty in $3M Crypto Scam

U.S. Court Finds Pastor Found Guilty in $3M Crypto Scam

The post U.S. Court Finds Pastor Found Guilty in $3M Crypto Scam appeared on BitcoinEthereumNews.com. Crime 18 September 2025 | 04:05 A Colorado judge has brought closure to one of the state’s most unusual cryptocurrency scandals, declaring INDXcoin to be a fraudulent operation and ordering its founders, Denver pastor Eli Regalado and his wife Kaitlyn, to repay $3.34 million. The ruling, issued by District Court Judge Heidi L. Kutcher, came nearly two years after the couple persuaded hundreds of people to invest in their token, promising safety and abundance through a Christian-branded platform called the Kingdom Wealth Exchange. The scheme ran between June 2022 and April 2023 and drew in more than 300 participants, many of them members of local church networks. Marketing materials portrayed INDXcoin as a low-risk gateway to prosperity, yet the project unraveled almost immediately. The exchange itself collapsed within 24 hours of launch, wiping out investors’ money. Despite this failure—and despite an auditor’s damning review that gave the system a “0 out of 10” for security—the Regalados kept presenting it as a solid opportunity. Colorado regulators argued that the couple’s faith-based appeal was central to the fraud. Securities Commissioner Tung Chan said the Regalados “dressed an old scam in new technology” and used their standing within the Christian community to convince people who had little knowledge of crypto. For him, the case illustrates how modern digital assets can be exploited to replicate classic Ponzi-style tactics under a different name. Court filings revealed where much of the money ended up: luxury goods, vacations, jewelry, a Range Rover, high-end clothing, and even dental procedures. In a video that drew worldwide attention earlier this year, Eli Regalado admitted the funds had been spent, explaining that a portion went to taxes while the remainder was used for a home renovation he claimed was divinely inspired. The judgment not only confirms that INDXcoin qualifies as a…
Share
BitcoinEthereumNews2025/09/18 09:14
[Newspoint] Overpaid troll

[Newspoint] Overpaid troll

KAUFMAN. Former president Rodrigo Duterte's lawyer Nicholas Kaufman delivers his opening statement before the ICC Pre-Trial Chamber I on February 23, 2026.
Share
Rappler2026/03/07 11:00