Has Canada Put a Question Mark Over the Bitcoin?
By: Date: July 2, 2020 Categories: Finance

Highlighted in the Wall Street Journal post, the statement, ” Canada Put a Question Mark Over the Bitcoin,” was given by David George-Cosh responding to an email about Bitcoin usage in Canada.

Bitcoin has become one of the safest virtual payment systems globally, and its value is multiplying every second. Its importance cannot be ignored because of the penetration in almost every economy on the globe. One such economy is Canada, where an official from the federal department of finance indicated in an email that Bitcoin is not a legal tender in Canada. As a reaction to this, David George-Cosh suggested putting a question mark over the use of Bitcoin.

This comment has hardly to do anything with Bitcoin’s acceptance, adoption, or growth in Canada. Canadian currency act states that “legal tender” is only Canadian fiat money. There is nothing in the statement that directly or indirectly implies that any class of citizens cannot transact in bitcoins. So, this is not expected to have any impact on the bitcoin use of Canadian citizens.

It is seen, from the ongoing trends, that the overall interest in virtual cryptocurrencies has grown and, with this, their price has also scaled up. The business involvement and innovation will show in the coming years that we have exploited most of the technology of this virtual currency. Canada is not behind in this race and is leading the pack, trying very hard to regulate the technology and its instrumentalities.

One of the first bitcoin ATMs was rolled out in Canada’s Vancouver city, followed by launches in Ottawa and Toronto following the trend. Researchers have found that there is an impressive number of vibrant groups seeking bitcoin entrepreneurs and developers to build their network for becoming versatile bitcoin visionaries.

The country is every day attracting those who look into new frontiers for cryptocurrency and how the future versions of bitcoin can improve. Having a stable justice and taxation system with the first-world infrastructure, it will not be an understatement to say that Canada is a hotbed for Bitcoin activities. There are some regulators who, every day, carefully evaluate how and if the Bitcoin transactions may be regulated.

However, the news is not all positive because Canada’s chartered banks are generally very hostile to Bitcoin, and getting solutions to this is quite challenging. Also, the scrutiny for singled out Bitcoin users is quite strict for tax obligations even though crypto crimes are way less than those of actual fiat currency crimes. Despite this, innovation has always been possible by the handlers and the system does not fail to deliver something new every time.

Canada has more ATMs than any other country in the world, and the federal system always issues guidance on how to tax bitcoin rather than bringing the entire system down. There is also a national alliance that actively promotes, increases, and innovates the use of Bitcoin among Canadian citizens. Bitcoin Decentral in Toronto and Bitcoin Embassy in Montreal are two major innovation centers in Canada working on everything which relates to bitcoin.

It can thus be concluded that despite obligations and hostility from authorities, Bitcoin is still a greatly used virtual currency platform in Canada. Not limiting themselves to just usage, the citizens, developers, and networkers, in specific, are innovating the use every day, and this is leading to a rise in the market value of this cryptocurrency exponentially over time. The statement of putting a question mark is, therefore, not very effective in limiting the activities of Bitcoin in the country, and neither has any significant federal or fiscal impact. Undoubtedly, there are several controversies and hot talks on the statement, but their effects are not very significant.