Wu Blockchain (@WuBlockchain): Vancouver city staff recommends rescinding the motion "Preserving the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming…
Estimated coin impact
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- BTC-30Negative
Vancouver city staff recommends rescinding the motion "Preserving the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City." Staff concluded that Bitcoin does not qualify as an allowable investment asset under the Vancouver Charter, recommending termination of related work and reallocation of resources to other initiatives. The motion was introduced by Mayor Ken Sim in November 2024 to allocate municipal funds to Bitcoin as a hedge against inflation and volatility. https://x.com/TheBlockCo/status/2029799632633581806