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Reading news from Vancouver, I saw that Mayor Ken Sim once felt optimistic about the idea of including Bitcoin in the city's reserve fund.
But it turns out that legal officials said that's not possible because local laws restrict reserve assets to only bonds and deposits.
What stands out is that the mayor previously said Bitcoin is an important innovation and even pledged to donate $10,000 worth of Bitcoin to the city.
However, upon investigation, officials found that current laws do not permit holding cryptocurrencies as reserve assets because they are not considered safe assets under local legal definitions.
What’s interesting is that the mayor might still be able to make the city accept Bitcoin for payments, but it would need to be converted to Canadian dollars immediately.
What will happen? The administration will let this idea end when the council votes.
According to tonight’s news, it seems like the end of Vancouver’s Bitcoin reserve dream.