%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Cryptoprowl.com / A plan by Ken Sim, the Mayor of Vancouver, British Columbia, to invest the city's financial reserves in Bitcoin (CRYPTO: $BTC ) has been torpedoed. A new report authored by city staff says that the mayor's plan to develop a "Strategic Bitcoin Reserve" is not permitted under the Vancouver Charter and British Columbia's Municipal Finance Authority Act.The report recommends closing a 2024 motion to make Vancouver a "Bitcoin-friendly city" after staff determined the plan violates municipal investment rules embedded in the city's charter. Staff wrote in their report that they have "conclusively determined that under the Vancouver Charter, Bitcoin is not an allowable investment asset for the City."The conclusion reflects the highly restrictive framework that governs how Canadian municipalities can invest public money. The Vancouver charter allows the city to invest idle funds in a narrow set of vehicles, including government-guaranteed bonds, bank-guaranteed investments, and credit union deposits. Stocks, commodities and cryptocurrencies are not currently included in the list of investments Vancouver can make with public funds.British Columbia's Municipal Finance Authority Act reinforces the restrictions placed on the west coast city.Under Mayor Sim, Vancouver had also pursued allowing residents to pay their taxes and municipal fees using Bitcoin.Bitcoin is currently trading at $69,950 U.S., having fallen nearly 50% in the last six months.