25 Jun '14, 6am

Canada decides to treat Bitcoin as ‘money’

Canada decides to treat Bitcoin as ‘money’

Like many countries, Canada has warned its population of the perceived risks posed to investors and the financial system by cryptocurrencies like Bitcoin. Now, in order to try and circumvent these ‘dangers’, the nation in the Great White North has become the first to legislate Bitcoin usage , under the premise that it really IS money. The wording of the legislation, which comes under the gripping title “An Act to Implement Certain Provisions of the Budget Tabled in Parliament on February 11, 2014 and Other Measures”, essentially classes Bitcoin and other cryptocurrencies as money. Hence, they’re to be treated in the same way. The legislation was passed earlier this year, but has only now received royal assent (essentially its been rubber-stamped into law by the Queen’s representative). Once the law comes into force (CoinDesk says there’ll probably be a six month grace peri...

Full article: http://siliconangle.com/blog/2014/06/25/canada-decides-to...

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