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Why Canada is not so good for crypto as many think about it?

25 July 2018 12:06, UTC
Daniil Danchenko, Catherine Lange

Bank of Canada published the results of the study: "The use of bitcoin and its popularity among the population of the country."

Canada has something to be proud of: the indicators are steadily increasing. 85% of the population knows about digital gold, the percentage of owners among young people is growing. Yes there, even the number of holders of "digital gold" from the older age group, who traditionally do not trust new things, also grows up - from 0.9 to 3.5%. It can be said that in Canada real cryptoidyll has come, achieved in one year, which is a relatively short period.

But if you read it, it becomes clear that the real situation is not so rosy. Taking into account the percentage of real owners of bitcoin and considering that it is a question of one of the central countries in the world of crypto-currency and block-crap, the figure is somewhat discouraging. The number of real owners of bitcoin is 5% of the total population of the country.

To understand the reason for this strange disproportion, we contacted one of the representatives of the Canadian crypto community, Ethereum-certified developer and redhIO news director Evan Meek.

In an interview with Bitnewstoday.com he said that the reasons for this disproportion are understandable. Canada as early as in 2014 became the first in the world to adopt a legislative act in the field of cryptocurrency, Bill C-31. "In addition, in Toronto is actually creating the bulk of innovation, which is facilitated by the legislative framework in the country's crypto industry," says Evan Meek. But if we talk about the acquisition of a virtual currency (which, by the way, is regulated by the law of Canada as a material value) or about payment for goods (services), everything becomes more complicated. Such a deal is not seen as financial, but as barter. Therefore, buying a cryptocurrency for the citizens of the country looks unattractive: for example, on American Coinbase, a Canadian can buy a cryptocurrency, but to make it into a phiatic one, a person will have to make many additional movements. And more often, the only way out is to transfer your crypto money to another exchange, which works with Canadians. Therefore, almost no one wants to bother, that is understandable.

Canadian lawmakers have taken a reasonably robust position in the cryptosphere: the industry needs to be controlled, but not to be “crushed" so as not to scare away potential investments into the country.

The procedure for examining the ICO in the country is also very literate: no one shears all ICO under one comb. They are evaluated on an individual basis. But there are still some flaws in the legislation, which does not add any interest on the part of citizens wishing to invest their money in cryptoprojects, especially with traditional investment tools.

So it turns out: according to a study of the Bank of Canada, citizens of the country have an interest in bitcoin, and it is growing. But on this stage, there is such a situation, Canada preserve cryptocurrency as a valuable object rather than an electronic currency.