Bitcoin regulation: Bitcoin Foundation Canada comments Montreal Economic Institute report
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....
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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....
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.....
The Montreal Economic Institute (MEI) has released an economic note on the state of Bitcoin regulation in Canada and around the world. The MEI is an independent research and education organization which, according to their website, "stimulates debate on public policies in Quebec and across Canada by proposing wealth-creating reforms based on market mechanisms." In the note, the MEI points to the recent collapse of Mt. Gox (and subsequent consumer fallout), as evidence of the need for governmental clarification of Bitcoin's legal status. This is because "(R)etailers, consumers and....
Could bitcoin reinvigorate Canada's creaking payment system? A prestigious Canadian economics institute has released a report suggesting that bitcoin could become a "common currency" and reduce payment costs, if only regulators would provide clarity. It unveiled the report just as the Canadian government declared that bitcoin wasn't legal tender. The Montreal Economic Institute, a Quebec-based non-profit research organisation, said that although bitcoin use is still marginal, "recent developments suggest that this use is bound to increase."Citing CoinDesk, the report suggests that merchant....
The Montreal Economic Institute has published a research note on bitcoin in which it concluded that the digital currency's future hinges upon its legal status. The institute argues that retailers, consumers and investors need to know that a clear set of rules governing bitcoin is in place. Such rules would bolster confidence and boost adoption, while at the same time speeding up investment in bitcoin companies. However, "the proposed rules must not hamper the use of bitcoin as a means of exchange, either with burdensome taxes or with excessive administrative rules for users," the institute....