Bitcoin is considered money in Canada

In a previous note, we report that the Canadian Securities Regulatory Authority (by its acronym “CSA”), proposed a regulation for trading platforms trading of cryptoassets after the scandal caused by the death of the CEO of the exchange of cryptoassets Quadriga Fintech Solution Corp, Gerald Cotten, and which meant the loss of approximately USD 195 million, while the administrative mismanagement of the exchange of cryptocurrencies led to Cotten being the only person who had access to the passwords of the wallets he managed, and that upon his death they were inaccessible.

In this sense, since June 01, 2020, a norm that regulates the activities related to the exchange and sale of bitcoins came into force.

In this regard, Francis Pouliot, CEO and founder of Bull Bitcoin, spoke on Twitter in this regard and pointed out that May 31 was his last day as an unregulated distributor, as from June 01, the companies of exchange and Bitcoin payment processors will be officially regulated as money service companies in Canada.

However, one of the main duties stated in this regulation is that when there are transactions that exceed $ 10,000 Canadian dollars, the reporting and identification requirements for said transaction must be met. This was regretted by Pouliot, who through Twitter expressed feeling guilty for not fighting enough. We must bear in mind that one of the main attractions for the use of Bitcoin is that transactions have a high degree of privacy, which is affected by this regulation.

Notwithstanding this, the truth is that Bitcoin is today, considered as money in Canada, which, according to the portal CointelegraphIt would have a lot to do with the fact that Canada has recently signed a multinational agreement, together with the United States and Mexico, to create a hub and a research team around technology blockchain.

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Carlo palomino
Bachelor from the National University of San Marcos (UNMSM). With interest in Digital Law and New Technologies. I endorse the phrase: "Knowledge is useful as it is shared." Contact: carlo.palomino19@gmail.com

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