Bitcoin is Not Legal Tender, Says Canada Government Official
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....
Related News
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.....
Malaysia’s deputy finance minister has clarified that the government will not adopt cryptocurrency as legal tender. “Cryptocurrencies like bitcoin are not suitable for use as a payment instrument due to various limitations,” he said.
Bitcoin Will Not Be Legal Tender in Malaysia, Says Deputy Finance Minister
Following reports that a high-ranking government official has proposed adopting cryptocurrency as legal tender in Malaysia, the government clarified in parliament Thursday that it has no intention of making cryptocurrency legal tender in the....
It has been one year since Bitcoin became legal tender in El Salvador. Crypto adoption has not been without issues in El Salvador, but it’s difficult to weed through the different stories about Bitcoin because there are so many competing interests promoting or FUDing Bitcoin. This article will filter through the nonsense and describe how Bitcoin in El Salvador has panned out one year after it became legal tender. Why El Salvador Made Bitcoin Legal Tender El Salvador made Bitcoin legal tender ostensibly for a few reasons. The government cited the following reasons: A significant portion of....
"You can buy gold, diamond, crypto, but that will have not have the value authorization by government," said T.V. Somanathan. T.V. Somanathan, the finance secretary for the Indian government, is reportedly pushing back against the narrative that cryptocurrencies will be widely accepted in the country — by dismissing the possibility of using them as legal tender.According to a Wednesday tweet from Asian News International, Somanathan said that a digital rupee backed by the Reserve Bank of India, or RBI, will be accepted as legal tender, but major cryptocurrencies have no chance of doing so.....
Canada Conservatives Disdainful of Bitcoin. In a speech unveiling the Federal Budget for 2014 on Tuesday, Canadian Finance Minister Jim Flaherty revealed government plans to fight money laundering and terrorism funded via Bitcoin. Using language marked by hyperbole and through allusions to the ever encroaching underworld, Flaherty expressed government concern about the “emerging risks” of Bitcoin: “It is important to continually improve Canada’s regime to address emerging risks, including virtual currencies such as Bitcoin, that threaten Canada’s international leadership in the fight....