Will Canada Follow in Germany's Footsteps

[sclaggett]

http://www.coindesk.com/canadian-economists-bitcoin-needs-flexible-regulation-thrive/

Canadian economists are looking to find a way to make bitcoin more flexible to use.  In this article they look to Germany as a good example of a regulatory framework.  What do we like about Germany's approach to Bitcoin and is their room for improvements there?  Personally I am not sure Germany's approach is ideal but perhaps the value is in the fact that they have recognized it and defined it in their framework.

http://www.theguardian.com/technology/2013/aug/19/bitcoin-unit-of-account-germany

[phillipsjk]

Probably not while the current government is in power:

Strengthening Canada’s Anti-Money Laundering
and Anti-Terrorist Financing Regime
The Government will introduce legislative amendments to strengthen Canada’s
anti-money laundering and anti-terrorist financing regime.

The Government of Canada is committed to a strong and comprehensive regime that is at the forefront of the global fight against money laundering and terrorist financing and that safeguards the integrity of Canada’s financial system and the safety and security of Canadians.

Canada’s regime remains strong and effective and is consistent with international standards. However, it is important to continually improve Canada’s regime to address emerging risks, including virtual currencies, such as Bitcoin, that threaten Canada’s international leadership in the fight against money laundering and terrorist financing.

To this end, the Standing Senate Committee on Banking, Trade and Commerce undertook a five-year review of the Proceeds of Crime (MoneyLaundering) and Terrorist Financing Act and issued its final report in March 2013. Concurrently, the Government consulted with stakeholders to solicit their views on specific proposals and identify additional measures for consideration.

Pursuant to this review, the Government will introduce legislative amendments and regulations to strengthen Canada’s anti-money laundering and anti-terrorist financing regime and improve Canada’s compliance with international standards, while minimizing the compliance burden.

For example, the Government proposes to:

• Introduce anti-money laundering and anti-terrorist financing regulations for virtual currencies, such as Bitcoin.
• Make online casinos subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
• Enhance the ability of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to disclose to federal partners threats to the security of Canada, consistent with the Government’s response to the Commission of Inquiry into the Investigation of the Bombing of Air India Flight 182.

To implement these amendments, the Government proposes to provide FINTRAC up to $10.5
million over five years and up to $2.2 million per year ongoing. The Government also proposes to provide up to $12 million on a cash basis over five years to improve FINTRAC’s analytics system. This investment will increase efficiency, improve data quality and better meet the needs of Canadian law enforcement and other regime partners.

- http://www.budget.gc.ca/2014/docs/plan/pdf/budget2014-eng.pdf

[CMMPro]

This fucking conservative government is absolutely repugnant.

[OROBTC]

...

"Money Laundering" is best defined as having any money that the government does not know about.

[Ron~Popeil]

This fucking conservative government is absolutely repugnant.

Conservatives and liberals seek to control everyone pretty equally. The only difference is their respective pet issues.

[jc01480]

This fucking conservative government is absolutely repugnant.

Conservatives and liberals seek to control everyone pretty equally. The only difference is their respective pet issues.

One side taxes, the other 'regulates'.

[Trading]

The German qualification of bitcoin as private money seems to make sense.

It avoids the application of VAT to its trades. A trade will be considerer as a forex trade.

[waldox]

total freedom with bitcoin is best framework

[Ron~Popeil]

total freedom with bitcoin is best framework

Yes. We should resist any regulatory framework until governments can justify why they need to regulate it. Bit Coin is a danger to no one except the looters.

[Trading]

If bitcoin becomes mainstream it will be a serious danger for fiat money (no one will want fiat) and for taxes collection.

[Beliathon]

...

"Money Laundering" is best defined as having any money that the government does not know about.

QFT, they don't like any power they can't control. They see it as a threat, because they know their rule is illegitimate. This is the same way mafiosos think.

[Trading]

Come on, a democratic Government isn't exactly the Mafia.

They are there to defend also their interests, sometimes they also kill people and make them proposals they can't refuse, but they can be overthrown by the people in elections

[jbreher]

Come on, a democratic Government isn't exactly the Mafia.

They are there to defend also their interests, sometimes they also kill people and make them proposals they can't refuse, but they can be overthrown by the people in elections

No they cannot be overthrown by elections. All the people can hope to achieve by elections is replacing one set of thieving bosses with another set. The mafia itself remains in place, controlling everyone's lives.

[Yakamoto]

So I'd have to stop using freebitco.in or I'm labeled as a money launderer or Terrorist?

Anyone know how to delete an account?

[Trading]

People can always make new parties.

If those parties are ignored, we have two explanations:

1) The conspiracy one: mass media is bought and paid by capitalists and war mongers and ends up  "Manufacturing Consent" (as Chomsky says; but that theory is old: read Gramsci or Althusser).

2) The democratic one: in reality, people don't trust small new parties, many times with radical ideas, and prefer to vote in the old ones.

Probably, both theories have some true. But anyone arguing for the first, will have a hard time explaining the ascent of neo-nazis and extreme parties in Europe, that clearly have the media against them.