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Canada on Bitcoin

Aug 09, 2017 Posted /  3803 Views

Canada on Bitcoin

15 Insights on Canada's take on Bitcoin

The world is gearing up for Bitcoin. Asian to European, every country is trying to adapt the Cryptocurrency system. Whether its Japan's decision to legalize it, or China becoming the hub for Cryptocurrency. Every country wants to digitize the method of payment. The decentralized system of cryptocurrencies is catching its hold around the globe. There are many perks of doing payment with the help of blockchain network. Like there is no third parties involved while doing the transactions. There will be a day soon when Cryptocurrency might become a global currency. Canada, the country of immigrants, is not unfazed by the blockchain technique. It has supported Bitcoin in the country from a long time.

Let us see what is Canada's take on Bitcoin:

1. Introduction to Bitcoin ATM's

The government of Canada has always focused on turning the physical cash into digital cash. It has set up many ATM’s, to make the transactions smooth. Canada has encouraged the use of Bitcoin ATM's on a huge scale.

2. Launching a trust 

First Block capital has launched its trust to invest in blockchain network. With the help of this trust, investors can easily invest in Bitcoin. It will help investors to invest in Bitcoins securely and to solve others faced challenges while investing in Bitcoins.

3. Montreal's support to Cryptocurrency

 Montreal's largest firm has decided to fund millions in the new firm catallaxy, which will help to leverage and help other new companies to invest in blockchain technology.

4. Canadian App KiK to develop its new Cryptocurrency

Canadian App KiK will be developing its new Cryptocurrency on blockchain technology based loke Bitcoin with the help of Ethereum. It will be the first type of app to integrate this technology. 

5. Backing off from interbank payment system

The Canadian bank is backing off from the digital currency payment system and using it in interbank payment system. The has said No to the decentralized ledger payment system. It may use blockchain mode of payment but has no intention to introduce the payment system as for now.

6. Blockchain commercial service

Canada's Big 5 banks will be backing the commercial service for the blockchain technology with the help of government support. The new firm will be trying hands with the blockchain technology for the first time. They aim to offer Canadian's a service to give secure transactions details when they are required to give the details.

7. Bitcoins aren't Tax Exempt

Bitcoins has made it possible for many investors to get a lot of profit because of its so many fluctuations in price. but the officials have decide that the transactions in terms of the digital currency will be not be exempted by taxes. The official has said that Barter rules will be applicable when a bitcoin is purchased, sold or transacted in any manner.

8. Bitcoin adoption 

The bank of Canada has said that the digital currencies exchange rates will become less volatile and the adoption of Bitcoin shall increase in the future, as per the research conducted by  them. The research papers represents the work of past two years and the future intimation of the adoption of the digital currency.

9. Gold or Bitcoins

There has always been a comparison over the Gold and Bitcoin Value. The investors over the Canada are confused over whether to invest in Gold or Bitcoins. Bitcoin, being a decentralized alternative to currencies and gold, has given much higher returns than the other currencies. But the risks involoved in investing in it make investors to put their foot back. 

10. Tracking Bitcoin to fight against human trafficking

It has ben reported that many online ads and campaigns are veiled by funding for human trafficking. A human trafficking victim had filed a plea in front of bank executives stating to help her finding the main reason of the fundings. Since Bitcoins is digital currency which cannot be tracked , from where it comes and goes, it is difficult to trace back. Since then the banks of Canada have taken another route to trace the Bitcoins so that they find the real locations and people behind the trafficking.

11. Investment in digital space investment

Toronto based Blockchain technology institute co-founder Alex Tapscott will be investing $20 million in new venture called NextSpace Global, for digital space asset. The company will but Cryptocurrencies and invest in Bitcoin technology based startups and ICO's. 

12. Legality

Bitcoin is legal in Canada. It is regulated under anti-money laundering and anti-terror attacks financing laws in Canada. 

13. Salaries paid in Bitcoins

The trend of paying salaries as Bitcoins is growing trend in Canada. Many number of employees are rejecting the payment of Dollars for Bitcoins. Wagepoint, a firm in canada, has stated that it was their initiative to pay their employee's salary in Bitcoins and not paying in usual Dollars.

14. Toronto has the maximum number of Bitcoin machines

With setting up 6 more machines for Bitcoins recently, Toronto has the highest number of Bitcoin machines. Carvitex has planned to setup the maximum number of machines in Canada. Carvitex says that it will allow users to sell and buy the Bitcoins  and will let anyone to buy Bitcoins instantly.

15. Possible leader of Blockchain technology in future

Since there are many Canadian's involved in the Bitcoin and much of them are gearing to put a start-up for ICO's as well, it is said that the Canadian dollar can become digital Dollar based on the Blockchain technology.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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