The Canadian Senate, calling for a relaxation of bitcoin management

The Canadian Senate, calling for a relaxation of bitcoin management

On Friday, the Canadian Senate committee urges the government to regulate the management discretion and other digital currency bitcoin digital currency, so as not to stifle the potential application of may. The Senate Standing Committee on Trade and Commercial Bank under the federal finance minister urged the so-called cryptocurrencies were studied.

For since 2009 hundreds of encrypted digital currency. Among them, bitcoin popularity far exceeds other virtual currency.


The Committee urged the Canada Revenue Agency and the Canadian financial transactions and report analysis center (FINTRAC) on the growth of virtual currency fully prepared. The committee also called on the government to educate the public about digital currency income, investment, the purchase of goods and services to the relevant obligations of tax. The committee also added: “virtual currency without excessive government regulation and interference. That is to say, do not need comprehensive supervision, only need to management.”

The conclusion from the Canadian bitcoin coalition support bitcoin alliance praised the Senate to see potential future bitcoin in canada. The committee listened to the views of the 55 witnesses in the past 18 months, the central bank, the police witness from Canada, securities regulators, website business enterprises, operators and users of personal payment card. The Commission found that the use of digital currency to allow users to better protect online security, but also reduces the user demand for intermediaries (such as a bank To grant authorization Trading).

A Canadian bank responsible person said, his bank every day tens of thousands of network hacker attacks. Although the bank has anti invasion and sharing resources, but the Bank of consumer information retailers can not guarantee their safety, easily attacked by hackers. In contrast, bitcoin transaction is no need to disclose personal privacy information.

The committee said that the anonymous transaction characteristics of digital currency will make some such as money laundering, terrorist financing and tax evasion and other criminals to take advantage of. The committee also mentioned the problem of digital currency price fluctuations.

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