Bitcoin Forum

Time to learn how to speak Canadian?

Time to learn how to speak Canadian?

It's easy. All you have to do is add "eh" to every part of your sentences, eh?

ummm, don't mean to be a skeptic but how can this be possible given that they've been shutting down exchanges bank accounts recently?

They (FINTRAC) didn't shutdown any exchange bank account. The bank did it all by themselves.

Hmm, interesting development if this holds true, and just when things were starting to look a little bit bleak in Canada regarding Bitcoin. The most interesting thing that could develop from this would be that it may put pressure on U.S. regulators to lighten up, or better yet, be proactive to ensure that Bitcoin based businesses in the U.S. are protected and competitive.

you're right.  so does this mean those banks will be required to reinstate the accounts?

and will we thus see the return of those exchanges?  which were shut down again?  Cavirtex?

you're right.  so does this mean those banks will be required to reinstate the accounts?

and will we thus see the return of those exchanges?  which were shut down again?  Cavirtex?

Virtex has had several accounts frozen but they are still operating and hold an open account with the Bank of Montreal I believe. I have an account with Virtex that I have never had trouble accessing or sending money to.

I think most of the time the US don't get pressured by Canadian policy. It's mostly the other way. If the US don't like Bitcoin they will pressure Canada to follow their policy.

even now?

even now?

...with open arms.

http://www.theregister.co.uk/2013/05/20/canada_welcomes_bitcoin_traders_fintrac_letter/

"The Register has seen a letter from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) which was sent to several prominent Bitcoin exchanges in the country, explaining they are exempt from strict money-laundering laws."

An oddly proactive move : looks like 'the government' won't have things so easy after all (thanks to the indefinite article)

I think most of the time the US don't get pressured by Canadian policy. It's mostly the other way. If the US don't like Bitcoin they will pressure Canada to follow their policy.

Time to learn how to speak Canadian?

The letter said: "Your entity is not, at this time, engaged as a money services business in Canada as per the Proceeds of Crime (Money Laundering) and Terrorist Financing and its associated Regulations.

"In fact, your entity doesn’t provide the services of remitting and/or transferring funds for the sake of the service. The transfer of funds is simply a corollary of your actual service of buying and selling virtual currency. Therefore, you do not have to register your entity with us."

Unless you're in Quebec region, then it's all Greek to me.

Osti de caliss de saint sacrament c'est pas chinoix criss de tabarnak.

This is how I interpretted it originally ... basically bitcoin exchanges facilitate the buying/selling of virtual currency ... much like a commodity exchange ... if people want to use those assets to transfer value that is a corollary (and not something the exchange has any control over). Basically, the laws surrounding "lawful money" do not apply to virtual currencies.

That whole FinCen 'guideline' sounds like a hand-wavy fix-up because they just wanted to back fit a prosecution on to Gox's Dwolla account.

PLATFORM TRANSACTION PROCESS FOR BITCOIN TRANSFER TRANSACTIONS

Members may at any time transfer any amount of Bitcoins to any other Members as well as any other Bitcoin users even if they are not Members (the “Transferee”).

Bitcoin Transfer Transactions may be initiated at any time from the following page: https://mtgox.com/index.html. Transferees shall be identified by their bitcoin address.

Members shall be solely responsible for ensuring that any transfer of Bitcoins to a Transferee shall be a valid and legal transaction not infringing any laws including money-laundering laws and regulations.

Mt. Gox’s responsibility shall be limited to using reasonable technical efforts to ensure the receipt of the Bitcoins transferred. When conducting Bitcoin Transfer Transactions with a Bitcoin user who is not a Member, Mt. Gox’s responsibility shall be further limited to ensuring the transfer of the necessary technical data to the Bitcoin peer-to-peer network.

No Commission of any kind will be charged by Mt. Gox for Bitcoin Transfer Transactions.

PLATFORM TRANSACTION PROCESS FOR CURRENCY TRANSFER TRANSACTIONS

Members may at any time transfer any amount of currencies held on their Account to any other Members (the “Transferee”). Transfers to third parties who are not Members is not possible.

Currency Transfer Transactions may be initiated at any time from the following page: https://mtgox.com/index.html. Transferees shall be identified by their Account name.

Members shall be solely responsible for ensuring that any transfer of currencies to a Transferee shall be a valid and legal transaction not infringing any laws including money-laundering laws and regulations.

Mt. Gox’s responsibility shall be limited to using reasonable technical efforts to ensure the receipt of the currencies transferred.

No Commission of any kind will be charged by Mt. Gox for Currency Transfer Transactions, except when the Account of the Transferee is set up in a currency different than the currency transferred (in which case the 2.5% Commission shall automatically apply).

All I got was the 1/4 French at the end "do you understand?" 

I'm 1/2 French Canadian

Some maudit anglais might look it up in Wiki though: http://en.wikipedia.org/wiki/Quebec_French_profanity       ;)

Two solitudes.          :(

Bank can accept or refuse whatever client they want and don't have to justify themselves.

You could be surprised at how much there is resistance against USA policy. Honestly, your country is pretty bad at making good social policies and you are usually the inspiration of "what should NOT be done".

Honestly though, I've maybe heard of 1 instance of "eh". I've never heard of "aboot". Been living in Vancouver for 8 years now, we just speak just like Americans but more polite.

The closer to the US border you are, the more americanized people tend to be, and the less the Canadian accent. 
Listen to the hosers in northern Alberta or Saskatchewan talk, and it gets pretty bad. 

But we didn't restrict online poker like the US. In fact a large part of online casino are hosted in Canada and some of them are still available to american players.

http://en.wikipedia.org/wiki/Kahnawake_Gaming_Commission

In fact, it would be interesting to see how Bitcoin plays with the whole Native Canadian autonomy issue. Conceivably, the first jurisdiction to adopt Bitcoin could easily be a Canadian reserve.  :D

Quebec here we come?