Vancouver city staff have recommended closing a council motion exploring the city's potential to become a "Bitcoin-friendly city," arguing that a review determined the Vancouver Charter does not permit holding Bitcoin as a municipal reserve asset. In a report submitted to the city council, staff stated that it had been "finalized" that Bitcoin is not a "permitted investment asset" and recommended closing the motion within a framework of realigning resources and priorities. The proposal stemmed from a motion pushed by Mayor Ken Sim over a year ago, which asked staff to study the city's ability to accept cryptocurrency tax payments and the possibility of converting some of its fiscal reserves into Bitcoin. The British Columbia Ministry of Municipal Affairs had previously stated that provincial regulations prohibit municipalities from holding fiscal reserves in cryptocurrency, with legislation aimed at ensuring local government funds are not subjected to excessive risk. Pete Fry, the sole opponent of the motion in council, told local media that he had previously believed the proposal had been shelved. Kevin Lee, chief commercial officer of cryptocurrency exchange Gate, told Decrypt that the legal and financial obstacles were understood from the outset, and closing the process was not surprising. According to Zeus Research analyst Dominick John, municipal treasuries are structured with capital preservation in mind, and similar cities will remain in the research phase until legislation, accounting practices, and trusteeship frameworks are perfected.