Digital Currencies Need Government Intervention Says Bank of Canada
The Bank of Canada has been heavily researching blockchain technology, Bitcoin, and the use of digital currencies. Just recently, a team of central bank researchers published a report called “Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies” examining issues they believe revolve around private and public cryptocurrencies. Is....
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The Walmart chain in Canada has announced that it will not be accepting VISA powered credit cards at its outlets from next month. Whenever there is an issue regarding fiat currency, bitcoin is sure to have the last laugh. Bitcoin has been around for about 8 years as an alternative digital currency, which is perfectly capable of operating of ensuring transfer of value without the intervention of an organization or a government as the trusted third party. The decentralized, open source, peer to peer transaction protocol allows people who are part of the network to act as a third party to....
The Bank of Canada has released a report that uses a prediction model to predict volatility of bitcoin and other digital currencies. Read more... Researchers from the Bank of Canada have developed a model to predict the volatility of cryptocurrencies like Bitcoin and other altcoins. The adoption of Bitcoin and other digital currencies has been slower than expected. The volatile nature of Bitcoin is one of the reasons for slower adoption. People are worried about the possibility of a downward fluctuation, which may result in huge losses. While it is necessary to rein in Bitcoin’s volatility....
The Bank of Canada is looking into possibly issuing its digital currency like Bitcoin, according to a senior official in the bank, CBC News reports. Carolyn Wilkins, the bank's senior deputy governor, said so in a keynote address entitled, "Money in a Digital World" at Wilfrid Laurier University in Waterloo, her alma mater. At the same time, she said that the bank is keeping a close eye on both benefits and drawbacks of digital currency. Wilkins says Bitcoin and other digital currencies have a long way to go before they can truly circumvent central banks, since the daily number of....
There's been a whole lot of innovation in the world of bitcoin going on in Canada. Just this morning we reported of CoinTap's business coming to life in a Canadian pub. Wednesday, we reported that another bitcoin ATM in Canada would start operating in Ottawa Thursday. All through the the Canadian government has been relatively silent. Until now, that is. The Wall Street Journal is reporting that a government official in the country has said that bitcoin is not recognized as legal tender within their borders. "Only Canadian bank notes and coins are recognized as legal tender in Canada.....
A Canadian government official has said bitcoin is not considered legal tender in the country, according to a report in the Wall Street Journal. "Only Canadian bank notes and coins are recognized as legal tender in Canada. Bitcoin digital 'currency' is not legal tender in Canada," the official reportedly wrote in an email. The official from the Department of Finance, who was not named in the article, went on to say the federal government and Canadian regulators would "continue to monitor developments involving virtual currencies" but would not say whether the government would officially....