As a Canadian, if you’ve ever considered buying Bitcoin, you’ve probably asked yourself, “Is this legal?” Yes, it is legal to buy bitcoins and many other cryptocurrencies in Canada.
This is still subject to the AML and other relevant regulations. However, cryptocurrencies are not considered to be legal tender in Canada. Canada’s tax laws and rules, including the Income Tax Act, also apply to cryptocurrency transactions. In addition, some stocks of Canadian Bitcoin companies offer exposure to the Bitcoin market through more traditional stock markets. The Government of Canada website has a page on digital currencies indicating that you can use digital currencies to buy goods and services on the Internet and in stores that accept digital currencies.
You can also buy and sell digital currencies on open exchanges, called digital exchanges or cryptocurrencies. An open exchange is similar to a stock market. It couldn’t be clearer than that. As a Canadian resident, you are free to buy, trade and spend Bitcoins from anywhere that accepts it. This provides the peace of mind necessary for anyone considering adding digital currency to their investment portfolio or simply buying Bitcoins to spend.
There is no doubt that Bitcoin will revolutionize the world. Whether that will happen in 5 or 50 years is to be guessed. But if the Internet has something to show, the massive adoption of cryptocurrencies will be just as fast. You cannot stop people from adopting technology that significantly improves their lifestyle, wealth and security.