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Title: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: aliceHortrex on June 23, 2014, 12:32:42 PM http://cointelegraph.com/news/111905/canada-signs-first-ever-official-law-regulating-bitcoin (http://cointelegraph.com/news/111905/canada-signs-first-ever-official-law-regulating-bitcoin)
Quote The gloves are off for Bitcoin legality – Canada has implemented what is the first official national law on Bitcoin use. Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: qwerty555 on June 23, 2014, 12:52:11 PM Positive step.. Allows bitcoin to co exist with fiat in Canada. -Does not restrict or ban its use in commercial activity. - Dealers must be registered to have a Bank account..so legitimizes exchanges provided they register and follow the rules. Interesting their different stance from the USA who NOW considers crypto's as property. I suspect the USA will eventually back track on that and make a new category of "virtual-currency" some time in the distant future, particularly if it is the ONLY country that defines it as property with all the issues around that ( eg depreciation..can it be fully depreciated if it is a business investment like a car or a building. lol) Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: Xona on June 23, 2014, 01:13:53 PM And canada's is getting on that road as well. >:( Let's see if this affects the amount of ATM's being made there. Regulation can bring further trust and care from non-BTC users though.
Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: 311 on June 23, 2014, 01:27:06 PM Well they certainly pass laws fast. America should take note.
Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: CoinMode on June 23, 2014, 05:40:17 PM Well they certainly pass laws fast. America should take note. Yeah, that's just what they need, more laws hastily passed without a care for the unintended consequences. They should get paid by how fast they crank them out! In fact, if the USA was ruled by a dictator, they could pass laws even faster! Let's get rid of these extraneous branches of government! I, for one, welcome our new auto-legislation overlords. But seriously, how long were they deliberating about this law? I assume they must have been talking about it at least since the first ATM went online in Vancouver last year. I wouldn't say eight months is exactly a speedy process. Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: LiteCoinGuy on June 23, 2014, 06:34:04 PM And canada's is getting on that road as well. >:( Let's see if this affects the amount of ATM's being made there. Regulation can bring further trust and care from non-BTC users though. all major countries will do these laws. thats not a bad thing at all. it opens the door for alot of branches. the only countries which will give a shit about these laws are countries like this: http://www.engadget.com/2014/06/23/jersey-bitcoin-island/ Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: 311 on June 23, 2014, 06:40:29 PM Well they certainly pass laws fast. America should take note. Yeah, that's just what they need, more laws hastily passed without a care for the unintended consequences. They should get paid by how fast they crank them out! In fact, if the USA was ruled by a dictator, they could pass laws even faster! Let's get rid of these extraneous branches of government! Don't be an idiot. I didn't say make laws hastily passed, but nor do most of them need to be clogged up in the system forever. Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: Dr. Pepper on June 23, 2014, 06:41:52 PM In america they'll certainly pass the laws quickly when the right amount of lobbying or money gets thrown at it.
Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: nwfella on June 23, 2014, 06:45:18 PM Slippery slope bitcoin has entered insofar as Canada is concerned. Will be interesting to see what other "developed nations" take from this if anything.
Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: davidgdg on June 23, 2014, 10:03:53 PM Disastrous. If BTC is treated as currency it is subject to the whole gamut of banking and AML legislation which will preclude all sorts of innovations. I wish people would stop to think before welcoming government legislation as a positive development, which it absolutely never is.
Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: Cicero2.0 on June 25, 2014, 09:38:08 PM Disastrous. If BTC is treated as currency it is subject to the whole gamut of banking and AML legislation which will preclude all sorts of innovations. I wish people would stop to think before welcoming government legislation as a positive development, which it absolutely never is. I think AML and other regulations are inevitable. They can be avoided pretty easily by using local bitcoins and other private ways to buy and sell. Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: Swordsoffreedom on June 25, 2014, 10:12:50 PM They probably won't touch the ATM's for now
Last I checked they are still doing a 1 year intensive study on their usage to clarify the rules on those. Title: Re: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin Post by: ajareselde on June 26, 2014, 09:14:30 PM They probably won't touch the ATM's for now Last I checked they are still doing a 1 year intensive study on their usage to clarify the rules on those. In the end , regulations dont have to be a bad thing. We had an unregulated bitcoin, and alot of people got burned, and all the rest of us got bad press. |