Bitcoin in Canada: On Regulation and Prospects
Canadian regulation of Bitcoin is favorable so far, but several more conditions have to be met for the cryptocurrency to meet its potential, a new report by a Canadian research institute found. The report, entitled “How Should Bitcoin Be Regulated?” and published by the Montreal Economic Institute last week, analyzed how cryptocurrency is treated in Canada compared to several other countries and offered insight on what needs to happen for Bitcoin to reach normalized, widespread use. Overall, pretty positive. Canada treats bitcoins like simple goods that can be exchanged in a barter system.....
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While most governments have been taking steps to regulate the bitcoin industry and others declaring a completely close-minded stance against digital currencies, Canada's Senate decided to vote against bitcoin regulation. The Canadian Senate's Banking, Trade and Commerce (BTC) committee released its findings last Friday and asked the federal government to use a "light touch" in dealing with digital currencies. The report indicated that legislators have acknowledged that the bitcoin industry is still young and developing so they'd like to see a more nurturing environment instead of one that....
Earlier today, NEWSBTC and a number of other publications posted about an economic note on bitcoin regulation by David Descôteaux of the Montreal Economic Institute. Descôteaux's report suggested that bitcoin would require regulation in order to thrive, but according to the Canadian Bitcoin Foundation, they would much prefer if the government kept out. In an statement issued on Thursday, Bitcoin Foundation Canada welcomed the publication of the report, but fundamentally disagreed with points made by Descôteaux. "Government intervention is not required for Bitcoin to develop and become....
The Bitcoin Foundation Canada welcomes the publication of a report on Bitcoin regulation in Canada, entitled “How should Bitcoin be regulated?” The growing interest of Canada’s economic community towards Bitcoin is proof that this new technology provides a credible alternative to traditional monetary and banking systems. Government intervention is not required for Bitcoin to develop and become accepted by the Canadian public. The Bitcoin network is completely decentralized and it simply cannot be subjected to government control. However, a growing number of Canadian businesses and....
With a Bitcoin exchange index of over 600BTC per day, the highest adoption rate of BTMs, and a population with a very high tendency for adopting new technologies, Bitcoin has great prospects in Canada. Canadian Government Tolerant to Bitcoin. Bitcoin awareness has been on the rise across the globe, but statistics show an exceptional performance in the growth of Bitcoin in Canada, says Moe Adham, co-Founder of BitAccess. The existence of building infrastructure for the Bitcoin company, Blockstream, in Montreal reveals how tolerant the government has been towards the cryptocurrency. “There....
Bank of Canada’s senior deputy governor says the central bank does not want to wait until crypto “gets a lot larger” before it brings regulatory controls in place. “This is an area that is still small, but it’s growing really rapidly,” the official said.
Bank of Canada’s Official Stresses the Importance of Crypto Regulation
Bank of Canada Senior Deputy Governor Carolyn Rogers talked about cryptocurrency regulation in an interview with Reuters Thursday.
“This is an area that is still small, but it’s growing....