Canada to regulate bitcoin in war on dirty money Add to ...

[CHIMO]

Source: The Globe and Mail

Ottawa plans to crack down on virtual currencies such as bitcoin to make it harder for anyone to launder money or finance terrorists.

Tuesday’s federal budget outlined plans to update anti-money laundering and anti-terrorist financing regulations to account for virtual currencies.

The details were scarce, but proposed measures could allow the federal government to track any transfers worth $10,000 or more – something Ottawa can already do for hard currencies.

The new rules come after the Senate committee on banking, trade and commerce released its final report on crime and terrorist financing in March, 2013, capping off a five-year review. At the time, bitcoin was almost unknown.



Read more: http://www.theglobeandmail.com/report-on-business/canada-to-regulate-bitcoin-in-war-on-dirty-money/article16812195/

---

Crazy town. Crazy city. Crazy continent!

[davidpdx]

1. Oh those Canadians!

[woo me with science]

2. Whatever happens with bitcoin, it shows that

as long as we have an economic system that is inherently corrupt and funnels money from the poor to the rich as part of its very structure, people will keep trying to develop alternatives.

[JoeyT]

3. Bitcoin shouldn't be allowed to launder money for drug cartels or help finance terrorists,

that's the job of American and British banks.

[alittlelark]

4. ^^^^ This ^^^^

[DeSwiss]

5. Quite pathetic Canada.

- I'm disappointed in you. You're starting to act like those no-good friends of yours.....