[2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin

ajareselde

legendary

Activity: 1722

Merit: 1000

Satoshi is rolling in his grave. #bitcoin

Quote from: Swordsoffreedom on June 25, 2014, 05:12:50 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.

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.

Swordsoffreedom

legendary

Activity: 2884

Merit: 1115

Leading Crypto Sports Betting & Casino Platform

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.

Cicero2.0

member

Activity: 98

Merit: 10

★☆★Bitin.io★☆★

Quote from: davidgdg on June 23, 2014, 05:03:53 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.

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.

davidgdg

hero member

Activity: 552

Merit: 501

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.

nwfella

legendary

Activity: 1610

Merit: 1000

Well hello there!

Slippery slope bitcoin has entered insofar as Canada is concerned. Will be interesting to see what other "developed nations" take from this if anything.

Dr. Pepper

full member

Activity: 172

Merit: 100

In america they'll certainly pass the laws quickly when the right amount of lobbying or money gets thrown at it.

311

full member

Activity: 230

Merit: 100

Come original.

Quote from: ?? on ??

Quote from: 311 on June 23, 2014, 08:27:06 AM

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.

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

Quote from: Xona on June 23, 2014, 08:13:53 AM

And canada's is getting on that road as well. Angry

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/

CoinMode

sr. member

Activity: 417

Merit: 250

Quote from: ?? on ??

Quote from: 311 on June 23, 2014, 08:27:06 AM

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.

311

full member

Activity: 230

Merit: 100

Come original.

Well they certainly pass laws fast. America should take note.

Xona

newbie

Activity: 42

Merit: 0

And canada's is getting on that road as well. Angry

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.

qwerty555

sr. member

Activity: 405

Merit: 250

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)

aliceHortrex

sr. member

Activity: 672

Merit: 250

CryptoTalk.Org - Get Paid for every Post!

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.

Topic: [2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin (Read 1147 times)