Canadian Government Decides -- Bitcoin is Hands Off -- No Real Regulation

[Envrin]

http://motherboard.vice.com/en_ca/read/the-canadian-senate-announced-its-bitcoin-report-in-a-totally-appropriate-way

Thanks Canada.

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[SpanishSoldier]

Then Eobot & Xapo might like to get registered from Canada.

[knight22]

[ajareselde]

Really nice piece of news. Love how they tried out new approach and sent the message via blockchain
Looks like Swiss have a competition @bitcoin legal infrastructure!

cheers

[pedrog]

That was pretty awesome!

Is this the first time a government posts a message on the blockchain?

[knight22]

That was pretty awesome!

Is this the first time a government posts a message on the blockchain?

AFAIK yes.

[anderson00673]

Ha!  Take that, stupid wallstreet banks.  Can't bribe them all I guess.  Lets hope that this sets the precedent for other nations to follow in the future, although I doubt that it will happen in the usa, ever.

[melody82]

Finally a government with its head in the proper place (not up its ass).  All of these regulations in the usa, which are bought by big banks to kill competition, are just absurd.  Why not choose some other random currency to make strange rules about?  Why not the Indonesian rupiah?  I am sure that one has some sort of insidious underground purpose.

Today we are not going to blame Canada, we are going to thank them

[QuestionAuthority]

Let's all move to Canada. I'll rent a bus.

[futureofbitcoin]

Let's all move to Canada. I'll rent a bus.

except it'll be pain in the butt buying bitcoins here because the canadian exchanges are pretty much dead, so you'd have to exchange your canadian dollars to us dollars and then use some foreign bitcoin exchange.

[QuestionAuthority]

Let's all move to Canada. I'll rent a bus.

except it'll be pain in the butt buying bitcoins here because the canadian exchanges are pretty much dead, so you'd have to exchange your canadian dollars to us dollars and then use some foreign bitcoin exchange.

You open the exchange. Jesus Christ, do I have to do everything? I'm already renting the bus!

[aso118]

The article makes an interesting observation about the powers of different states.

In February, Quebec updated its financial policies to require operators of Bitcoin exchanges—where people can buy Bitcoin for regular money—and ATMs to obtain a license.

I do hope the state governments sync their policies with those of the center.

[mercistheman]

Let's all move to Canada. I'll rent a bus.

except it'll be pain in the butt buying bitcoins here because the canadian exchanges are pretty much dead, so you'd have to exchange your canadian dollars to us dollars and then use some foreign bitcoin exchange.

You open the exchange. Jesus Christ, do I have to do everything? I'm already renting the bus!

Man's got a point... buses ain't cheap... Hop on the bus, Gus
You don’t need to discuss much.

How easy/hard is it for a US citizen to open a Canadian bank account?
 

[Envrin]

How easy/hard is it for a US citizen to open a Canadian bank account?

I think you unfortunately have to be a legal immigrant in this day and age.  You can get a SIN# (same as SSN#) as an illegal immigrant, but it's going to start with a 9, which banks will no longer allow without additional documentation.  Aside from that, 2 pieces of ID, a utility bill, and you have a bank account.

EDIT:  You have TD Bank in the US, correct?  Contact them, and say you want to open a Canadian account.  Should be easy.

[Amph]

"Regardless, it appears as though the Canada’s federal government is ramping up to take a global lead with Bitcoin by letting it flourish before trying to control it."

so this is their plan in their end, this is why many Gov are not hindering bitcoin, they want it to become big first, before trying to get their hands on it

[S4VV4S]

"Regardless, it appears as though the Canada’s federal government is ramping up to take a global lead with Bitcoin by letting it flourish before trying to control it."

so this is their plan in their end, this is why many Gov are not hindering bitcoin, they want it to become big first, before trying to get their hands on it

Well, there is no point on wasting time and money trying to regulate something that is currently only used by a few.
Let it get bigger and therefor worth your while, and then regulate it.
By then, you will have more chances of success because there is a large portion already using it and work with/for it.
Sure, some companies (like Xapo for example) might choose to relocate if they don't like the regulation,
but we should not forget that they will still have the normal Buitcoin user which will not relocate and will continue to use and get taxed on Bitcoin.

[pooya87]

wow. this is really a great news for bitcoin. i think we are going to see many improvements in bitcoin world in the future and may of them are going to be from Canada.
and i loved their cheeky play of embedding the message in blockchain from their 1Canada... address

[LFC_Bitcoin]

That's pretty cool of Canada, nice to see a government try & look to the future & not penalise those who try to be innovative by handicapping them with ridiculous regulations. Can't believe they sent out the message via the blockchain though, think I might move to Canada & start a new life there ........ Well maybe not in their winter, it's awful

[Velkro]

This is huge, canada got really smart goverment.
Kudos to them.

[bitnanigans]

Whoop! Time to move to Canada! I wonder what it'll take to set up a business there.