ICO EXPO Crypto Brief 101: Where Does Canada Stand in Regards to Cryptocurrency and Blockchain Technology?March 23, 2018
The Future Of Cryptocurrencies And Blockchain will take Center Stage At The ICO Expo, April 26th to 28th in the Palais des Congres de Montreal, Canada.
THOUSANDS OF INVESTORS, C-LEVEL EXECUTIVES, KEYNOTE SPEAKERS AND CRYPTO CURIOUS ATTENDEES WILL JOIN THE GLOBAL NETWORKING ON WEALTH INTELLIGENCE, BLOCKCHAIN & CRYPTOFINANCE EXPO IN MONTREAL.
The combined worth of investors in attendance measured in billions of dollars, brings forth a wealth of knowledge and endless opportunities for innovators and sponsors. It’s the place to be for those eager to build unique partnerships and attract new investments!
Crypto Concept Simplified:
Cryptocurrency mining is a process by which digital currency transactions are recorded, verified and stored in a public ledger called the blockchain. This process is carried out by miners, who use powerful computers to navigate cryptographic problems to select transaction blocks.
You can use digital currencies to buy goods and services on the Internet and in stores that accept digital currencies. You may also buy and sell digital currency on open exchanges, called digital currency or cryptocurrency exchanges. An open exchange is similar to a stock market.
Crypto Regulations in Canada:
Digital currencies, such as Bitcoin or other cryptocurrencies, are not legal tender in Canada. Only the Canadian dollar is considered official currency in Canada.
The Currency Act defines legal tender.
Legal tender is defined as:
- bank notes issued by the Bank of Canada under the Bank of Canada Act
- coins issued under the Royal Canadian Mint Act
Digital currencies are not supported by any government or central authority, such as the Bank of Canada. Financial institutions, such as banks or credit unions, don’t manage or oversee digital currency.
The head of the Central Bank of Canada, Stephen Poloz, was quoted as saying on January 25, 2018, that “I object to the term cryptocurrencies because they are crypto but they aren’t currencies, they aren’t assets for the most part. I suppose they are securities technically. There is no intrinsic value for something like bitcoin so it’s not an asset one can analyze. It’s just essentially speculative or gambling.”
It should be noted that as part of the North American Securities Administrators Association (NASAA), Canada joined an association-wide “cautionary directive” on the risks of cryptocurrencies, with all representatives from every province in the country believing there is a “high risk of fraud.”
Recently however, the Canadian government has taken significant steps towards paving the road for a thriving cryptocurrency space. Most recently, the federal government launched a trial to explore the use of blockchain technology in making government research and grant funding more transparent. The trial will use the Catena Blockchain Suite, a product built on the Ethereum platform