Canadian Senate Says No to Regulating Digital Currencies
The Canadian Senate's Banking, Trade and Commerce (BTC) committee released its final report Friday asking the federal government to use a "light touch" in dealing with digital currencies."We've heard, and we agree, that blockchain technology is at a delicate stage in its development and use," the report reads. "This is why we urge the Government to....
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What is Canada's place in regulating bitcoin? This is the theme running through the Canadian Senate's Standing Committee on Banking, Trade and Commerce's study on the use of digital currency. The Bitcoin Strategy Group, BitAccess and CAVirtEx sat before the senators on 9th April to demonstrate how bitcoin is purchased and stored. Their representation marks the first presence of bitcoiners in the Senate sphere. The Canadian Senate has already heard from the Bank of Canada, the Department of Finance, economic historians and other academics. On Thursday, April 10th, the committee will hear....
The Canadian Senate has officially taken a pro-Bitcoin stance with regards to future national regulations of Bitcoin and other digital currencies. The official Canadian Senate report titled "Digital Currency: You Can't Flip This Coin! Report of the Standing Senate Committee on Banking, Trade and Commerce" explains how the government body views digital currency, and how it will be regulated, or not, going forward. Canada Will Allow Bitcoin to Develop. The Canadian Senate has spent the better part of the last year reviewing the role of digital currencies will have on the future of economics....
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 more than a year, the amendments have yet to be published and "proclaimed" before they become law, a necessary last step. And a public consultation paper on the new financial regulations, promised for last summer, has yet to be released,....
A long-anticipated report published by the Canadian Standing Senate Committee on Banking, Trade and Commerce has called for a "regulatory light touch" on bitcoin and digital currencies. The report, entitled "Digital Currency: You Can't Flip This Coin!", comes after a months-long review that included a number of hearings before the Senate committee, and will undoubtedly play a role in how the Canadian government shapes future regulation. The committee recommended that the government look for ways to utilize digital currencies and blockchain technology, deeming the technology "ingenious" and....
Ottawa, ON - Locally owned and operated BitAccess announced today that it will be appearing before the Canadian Senate's Standing Committee on Banking, Trade and Commerce on April 9th, 2014. Co-founder Haseeb Awan is expected to present the ATM's unique capabilities and hopefully assist Senator Irving Gerstein in purchasing some bitcoin from the machine. Mr. Awan will also be discussing the benefits of their technology. The in-person demonstration by BitAccess to key government decision makers is expected to educate the Senate committee on bitcoin's accessibility and ease of use. This will....