Canadian Government Adopts Cautious Bitcoin Regulation

More than a year ago, the Canadian government indicated its plans to take a cautious approach in bitcoin regulation. In their February 2014 budget, officials made amendments to their Proceeds of Crime (Money Laundering) and Terrorist Financing Act of 2000 to include the cryptocurrency.
However, these haven’t been enacted as laws yet, as government officials are being careful against rushing in. Industry experts have cited that this has resulted in a wave of relief among bitcoin community members in the country, as this could be a sign that the government is looking at their options and weighing the feedback from the Senate and the rest of the industry.
Bitcoin Regulation Plans in Canada
The Canadian government has already tasked the Senate Committee on Banking, Trade, and Commerce to conduct investigations and make consultations regarding the use of digital currencies, potential risks, and advantages. The committee is expected to release its findings by May or June, and this report would have an impact on bitcoin regulation in the country.

This post was published at NewsBTC on Apr 28, 2015.