Industry Reports

Canada Might Take Anti-Bitcoin Stance

The global bitcoin craze has triggered many controversial opinions on the matter. That is hardly surprising anyone, who is interested in the digital cryptocurrency. Bitcoin supporters encourage people to invest in the cryptocurrencies as the technology of the future. The opponents of the new technology, on the other hand, are explaining that bitcoin is an investment balloon, which is expected to burst very soon. The truth probably lies somewhere in the middle, but only time will tell what is to happen to the currently progressive technology.

Cryptocurrencies entered the public dictionaries as a payment method. Bitcoin is the world’s most popular and biggest cryptocurrency, but there are many more digital currencies, which exist on the market. Nevertheless, it should be admitted that bitcoin has been largely perceived as a threat, which means that many countries adopted a more conservative approach towards the digital payment methods. For example, Japan has already passed a legislation that aims at protecting locals from the disruptive nature of the cryptocurrencies. According to many industry insiders, the world is still not ready to embrace such a big change like digital payment methods.

Many prominent financial investors explained that investing in cryptocurrencies is like gambling due to the disruptive nature of bitcoin. Since the beginning of this year, bitcoin’s price surged drastically to hit its record. The idea of quick profit lured many investors to roll the dice on bitcoin, hoping its price will not backlash.

Last week, Bank of Canada Governor Stephen Poloz announced also supported the idea that bitcoin is “closer to gambling than investing”. In a speech at the Canadian Club Toronto, Mr. Poloz asserted his opinion on the matter, explaining that bitcoin is not ousting cash payment methods at this moment.

The shift toward digital payments was also condemned by BMO Financial Group chief economist Doug Porter, who explained that namely bitcoin’s disruptive nature and the blockchain technology are artificially inflating the balloon even more. Toronto tax lawyer Evan disclosed that Canada Revenue Agency is currently examining the cryptocurrencies and a crackdown might be launched soon.

Cryptocurrencies As Means to Revolutionize Canada’s Gambling Market

It is yet too early to predict if Canada is to regulate the usage of cryptocurrencies, but it seems that the country is less likely to do so. Industry experts, on the other hand, claim that bitcoin is a speedy and convenient payment method, which can drastically change and reinvigorate Canada’s gambling industry. It is not a secret that Canada is currently trying to modernize its gambling industry in an attempt to make it more profitable.

Introducing bitcoin in its land-based casinos might be the much-needed change, which is to give a strong boost to the country’s gambling industry. It is to drastically change the casino landscape in the country and blow away the competition. However, regulators fear that the new digital payment method is to provide favorable conditions for money launderers – a problem, which the country is trying to eradicate for years.