VIDEO: Canadian Senate Commitees: Study on the use of digital currency

[knight22]

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]

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 But not going as far as saying Money laundering laws should be repealed entirely.

[knight22]

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 But not going as far as saying Money laundering laws should be repealed entirely.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

[phillipsjk]

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:

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.

[BittBurger]

Bummer.  Moderator moved this to "Legal" forum where nobody will see it.   

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

Great video.

[malaimult]

good to see canada's positive reaction to crypto.

[BitCoinNutJob]

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.

[h4xx0r]

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.

[freedomno1]

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