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Author Topic: VIDEO: Canadian Senate Commitees: Study on the use of digital currency  (Read 2630 times)
knight22
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October 04, 2014, 04:32:34 PM
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Standing Committee

Banking, Trade and Commerce

Study on the use of digital currency
, October 2, 2014
http://www.parl.gc.ca/SenCommitteeBusiness/Notice.aspx?parl=41&ses=2&comm_id=3&meeting_id=15444&Language=E




French and bilingual versions available here:
http://senparlvu.parl.gc.ca/Guide.aspx?viewmode=4&categoryid=-1&eventid=9662&Language=E

The senators was impressed by the presentation done by the Bitcoin Embassy, the Bitcoin Alliance of Canada and the Bitcoin Foundation Canada. They all seemed to be very favorable to bitcoin. Very good news IMO.

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phillipsjk
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October 04, 2014, 05:10:45 PM
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The Senator Belmar had a good question a 57:45 (I skipped some).

"I heard contradictory testimony. Is Bitcoin public or private (and thus subject to money laundering risk)?"
The response was that it was public. I am not entirely sure I am satisfied with that response.

The presenters seem to be arguing against further regulation. But not going as far as saying Money laundering laws should be repealed entirely.

James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE  0A2F B3DE 81FF 7B9D 5160
knight22
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October 04, 2014, 06:12:45 PM
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The Senator Belmar had a good question a 57:45 (I skipped some).

"I heard contradictory testimony. Is Bitcoin public or private (and thus subject to money laundering risk)?"
The response was that it was public. I am not entirely sure I am satisfied with that response.

The presenters seem to be arguing against further regulation. But not going as far as saying Money laundering laws should be repealed entirely.


The Senator was mainly referring to the previous presentation from CaVirtex and BitAccess that were asking a lot for regulations.
https://www.youtube.com/watch?v=v-aBJm9SerE

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October 04, 2014, 06:57:48 PM
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Thanks for the context.

I disagree with the notion that Bitcoin should be regulated as a foreign currency. I tried registering with FINTRAC the other day. In that e-mail, I explained when I think Bitcoin can not meet the requirements imposed on traditional MSBs:
Quote from: James Phillips
I have been acting as a relay for Bitcointransactions for months.
The requirement to include detailed sender and receiver data with the transaction appears to be incompatible with Bitcoin.
Further, the concept of a Foreign Politically Exposed Person does not make a lot of sense with Bitcoin because the reporting requirements change if a border crossing is involved. Bitcoin has no concept of (in-planet) borders.

Edit Not sure why the head of CaVirtex thinks that Bitcoin has only a $13 billion market cap (at 38:25) when it is actually closer to $4.5 trillion according to Bitcoin Charts. I almost get the impression that he is trying to minimize the size of the industry to make it seem easier to regulate (he was also corrected on there being only 20 alts, so maybe his info is a year out of date). Edit2: the video is from April) PEBKAC: only 4.5 Billion market cap.


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October 06, 2014, 05:57:51 PM
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Bummer.  Moderator moved this to "Legal" forum where nobody will see it.   Undecided

That's okay.  Its front page on Reddit, and I just posted it on the largest Bitcoin Facebook page.

Great video.

Bitcoin's true purpose defined in Satoshi's message on the Genesis Block:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
View it on the Blockchain | Genesis Block Newspaper Copies
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October 06, 2014, 09:51:38 PM
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good to see canada's positive reaction to crypto.

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October 10, 2014, 11:52:55 PM
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Great reaction from senate in canada and thanks to Andreas i think they will opt for a hands off approach on regulation for next few years for sure.  Why cant lawsky take note this is how you do it.
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October 12, 2014, 10:22:32 PM
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Not Andreas' best interview. He appeared very shrewd and dismissive, almost like he was averse to all forms of Goverment, but his technical analysis was on point and i think the committee noticed both what he said and what he didn't say. The canadian goverment will introduce regulation in the aspect of bitcoin to fiat trading, but bitcoin transactions will likely remain free of traditional regulatory control.

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October 13, 2014, 03:07:22 AM
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Thanks for the working link
Saw the committee one from last week and needed to get around to Andreas turn
From the comments looks like he killed it again more less

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