Is it legal to buy bitcoin in Canada?

As a Canadian, if you’ve ever considered buying Bitcoin, you probably asked yourself, “Is it legal?” Yes, it’s legal to buy bitcoins and many other cryptocurrencies in Canada . This is always 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 Canadian Bitcoin companies shares offer exposure to the Bitcoin market through more traditional equity markets. The Government of Canada Web site contains a page on digital currencies indicating that you can use digital currencies to purchase goods and services on the Internet and in stores that accept digital currencies. You can also buy and sell digital currency on open stock exchanges, known as digital currency or cryptocurrency exchanges. An open exchange is similar to a stock market. It could not be more clear than that. As a Canadian resident, you are free to buy, trade and spend Bitcoins from any location 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 this happens in 5 or 50 years is to guess. But if the Internet has something to show, the massive adoption of cryptocurrencies will be just as fast. You can not stop people from adopting technology that dramatically improves their lifestyle, their wealth and their safety.

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