SVMU News: Vancouver City staff have recommended that a council motion exploring whether the city could become a “Bitcoin-friendly city” be withdrawn, citing a review that determined the Vancouver Charter does not permit the city to hold Bitcoin as a municipal reserve asset.In a report submitted to City Council, staff stated that it had been “finalized” that Bitcoin does not qualify as a “permitted investment asset” and recommended closing the motion as part of a broader effort to realign work resources and priorities.The proposal stemmed from a motion pushed by Mayor Ken Sim over a year ago, which asked staff to study whether the city could accept tax payments in cryptocurrency and the possibility of converting part of its fiscal reserves into Bitcoin.British Columbia’s Ministry of Municipal Affairs had previously stated that, under provincial regulations, municipalities are prohibited from holding fiscal reserves in the form of cryptocurrency, as the relevant legislation aims to ensure that local government funds are not exposed to excessive risk. Pete Fry, the motion’s sole opponent in the council, told local media that he had previously believed the proposal had been shelved.Kevin Lee, Chief Commercial Officer at the cryptocurrency exchange Gate, told Decrypt that legal and financial obstacles had been understood from the outset, and that the conclusion of the process came as no surprise.Dominick John, an analyst at Zeus Research, noted that municipal treasuries are structured with capital preservation as a priority, and that cities like this one will remain in the research phase until legislative, accounting, and custodial frameworks are fully established.