Vancouver Officials Push to Drop Mayor Ken Sim’s Bitcoin Motion

Vancouver Mayor Ken Sim has faced a major setback after city staff decided against his Bitcoin investment plan. According to the staff report released on March 2, 2026, the staff found that Bitcoin can’t be called an investment asset under the Vancouver Charter.

The Ken Sim Bitcoin motion, titled Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves was passed by the council in December 2024. It has been dropped citing the rationale: Reprioritisation of staff resources, and Coordinating and aligning work with related initiative(s).

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Vancouver Bitcoin Motion Faces Legal Limits & Policy Pushback

The Vancouver Bitcoin Motion proposed by Ken Sim wanted the city to explore options and become more Bitcoin-friendly. Sim even promised that his family would donate $10,000 in Bitcoin to the city if the motion passed.

The staff’s recommendations for the motion said,

“Staff have conclusively determined that under the Vancouver Charter, Bitcoin is not an allowable investment asset for the City, and therefore recommends that this work be concluded.”

So far, Ken Sim hasn’t responded to his Vancouver Bitcoin reserve plan being quashed.

Pete Fry, the only councillor who voted against the motion, said that he was surprised that the motion hadn’t already been rejected.

“I already thought it was dead in the water. It was probably good closure to have it mentioned in here, but I don’t even know that it was entirely necessary.”

Those supporting the motion argue that creating a Vancouver BTC reserve will help diversify municipal finances and hedge against inflation. They mention Bitcoin’s limited supply and better regulatory oversight.

However, Section 201 of the Vancouver Charter, which lists the instruments in which city funds that are not immediately required can be invested, stands in the way of Ken Sim’s Vancouver Bitcoin motion.

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Because of this and the British Columbia Municipal Finance Authority Act, the staff has recommended that the council shelve the Vancouver Bitcoin policy.

This is a major setback for crypto enthusiasts in the country. At the same time, it highlights that existing regulations and frameworks are not yet aligned with the cryptocurrency industry. Additionally, it may take a few more years before cities consider it a viable investment option.