Canada Takes a Careful, Community-driven Approach to Bitcoin Regulation
Like many other countries, Canada has been wrestling with the issue of whether to regulate digital currencies and, if so, how and to what extent. In it's February 2014 budget, the Canadian government introduced and passed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of 2000, aimed at digital currencies. But after....
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It is perhaps ironic that Canada, a country considering rather draconian regulations for cryptocurrency businesses, is to play host to what organizers claim will be "one of the largest planned international bitcoin events to date". The event, dubbed "Bitcoin Expo 2014", is being hosted by the Bitcoin Alliance of Canada (BAC), and will take place in Toronto from 11th-13th April. According to the BAC website, the prevailing theme of the event will revolve around the "growth and development of bitcoin communities worldwide with a focus on collaborative and decentralized models". Prominent....
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....
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.....
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....