The City of Vancouver has decided to terminate its proposal to hold Bitcoin as a municipal reserve asset following a legal review. City officials recommended ending the initiative, which aimed to explore Vancouver becoming a "Bitcoin-friendly city," due to regulatory constraints. The Vancouver Charter prohibits Bitcoin from being used as a reserve asset, aligning with provincial regulations that prevent municipalities from holding fiscal reserves in cryptocurrency. The motion, introduced by Mayor Ken Sim, sought to explore cryptocurrency acceptance for tax payments and converting reserves into Bitcoin, but was ultimately deemed non-compliant with existing laws.