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Will the Canadian $30K CAD Buy Limit Affect The Popularity of Bitcoin?

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Canada has recently imposed new regulations that affect the use of cryptocurrencies. Proponents fear this decision might lead to a decrease in the popularity of bitcoin and other virtual currencies.

However, it also appears this may be another way the government is trying to protect citizens, giving more credence to increase and not decline in ownership. This sentiment is indicated by the 13% reach of Canadian Bitcoin owners, in 2021.

The laws, which the Canadian Senate passed on June 1, 2022, put limitations on the purchase amount using credit cards and debit cards. People with a bank account in Canada can purchase up to $30,000 CAD worth of Bitcoins.

The Canadian Revenue Agency has clarified that Bitcoin is not a currency for tax purposes. It is considered a commodity, thereby falling under the tax regulations regarding commodities.

Therefore, Canadians can purchase an unlimited bitcoin with their credit card and spend it without being subject to any taxes or reporting obligations.

Nowadays, Bitcoin is becoming increasingly popular in Canadian markets. With the announcement of an official statement on the matter from Canada’s Central Bank, people wonder if it will constrain its use or even lead to less favourable terms for those working in other industries such as foreign exchange and banking.

In April 2014, the Canadian Senate made the first step towards regulating cryptocurrency when it published an Overview of Cryptocurrency Regulation Options. An official review was established on the 20th to assess the options and make suggestions.

In the last few months, three documents have been issued including a consultation paper, then later a second consultation paper, and the final report which outlines Bitcoin regulation in Canada. The Canadian government is currently struggling to regulate and tax cryptocurrencies like Bitcoin.

The government has just announced a new rule that will affect how Canadians buy or sell bitcoin. The new law states that it is not possible to buy or sell more than $30K CAD worth of cryptocurrency in a single transaction for any purpose, like playing on a bitcoin casino in Canada. It also means that people will only be allowed to buy up to $30K price of bitcoin in a single day. If you are interested in buying more, you will have to wait until the next day before
making another transaction.

It seems like this new rule is an attempt by the Canadian government to crack down on terrorist financing and money laundering, but it could also have some unintended consequences. The main one is that it may make people less likely to use cryptocurrencies.

The popularity of bitcoin has been dropping significantly over the past few months as governments around the world have started cracking down on cryptocurrencies because they are used by criminals to launder money and fund terrorist activities.

A report by Canada’s Financial Action Task Force (FATF) found that digital currencies have been used to finance terrorism, so it makes sense that the government wants to stop this from happening. However, there are other ways for terrorists to exchange money without using cryptocurrencies.

Bitcoin is a digital currency that allows people to make payments without using their names. It also offers anonymity, which has led to its popularity with people who want to avoid scrutiny from law enforcement or other agencies.

The Canadian government has limited how much you can buy in Bitcoin. The new law is meant to prevent money laundering and terrorist financing. But as a result, does this mean that the decision could hurt the future of cryptocurrency? In instances like these, only time will yield the results of the direction that this law has taken.

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The bizarre story of Taro Tsujimoto

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The National Hockey League (NHL) has seen its fair share of strange moments, but few compare to the bizarre and hilarious tale of Taro Tsujimoto, a player who never existed. His “selection” in the 1974 NHL Draft remains one of the most legendary pranks in hockey history. If you want to wager on actual players, making the 1xBet app download is definitely a great idea.

In the 1970s, the NHL Draft was a much less glamorous event than today. It was a tedious process conducted over the phone, with teams calling in their picks. The 3 biggest highlights of what happened during that year’s draft were:

  • the draft dragged on for hours;
  • there were multiple rounds and teams selecting unknown prospects from obscure leagues;
  • frustrated with the monotony, Buffalo Sabres general manager Punch Imlach decided to have a little fun.

As the 11th round approached, Imlach instructed his team’s representative to draft Taro Tsujimoto, a supposed forward from the Tokyo Katanas of the Japan Ice Hockey League. The name sounded authentic enough. The league officials, unfamiliar with Japanese hockey, accepted the pick without question. By downloading the 1xBet app you will also be able to wager on great NHL teams too.

A small problem

There was a small problem with all of this, as 2 things didn’t exist: Tsujimoto and the Tokyo Katanas. Imlach had completely fabricated the player as a joke, taking advantage of the NHL’s lack of verification. When it comes to NHL wagers, there is no better platform than the 1xBet Canada site.

For weeks, the league listed Tsujimoto as an official draft pick, and even some newspapers reported on Buffalo’s mysterious new Japanese prospect. Eventually, the Sabres admitted the hoax, and the NHL was forced to retroactively erase the selection from its records.

Despite being a fictional player, Taro Tsujimoto took on a life of his own. Buffalo Sabres fans embraced the prank, and over the years, his name has become a cult legend in hockey culture. Some fans even wore jerseys with “Tsujimoto” on the back. The joke persisted so much that when EA Sports released NHL video games, players could occasionally find Tsujimoto in the game’s draft pool as a hidden Easter egg.

More than just a prank, the story of Taro Tsujimoto highlights 2 things: the quirks of old-school sports management and the creativity of one of hockey’s most colorful executives. Today, with the draft process being highly scrutinized and broadcast live, such a prank would be impossible. But Tsujimoto’s legacy lives on as one of hockey’s greatest inside jokes. What is not a joke are the great rewards that a platform like the Canadian 1xBet site can give you.

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60% of Canadians gamble each month – why the industry is going from strength to strength

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When it comes to regulating gambling, Canada has a somewhat relaxed approach. The Canadian Gaming Association oversees the industry, but it’s up to individual provinces to enact and enforce any laws relating to online casino gaming, sports betting, traditional casino gaming, and other forms of gambling.

Canada’s online casino gaming laws are not totally clear, but individual provinces are starting to put this right. Ontario was the first and did so when it launched its own regulated igaming market in April 2022. Now some other provinces have followed suit, creating a safer igaming environment for players in those provinces. Below is a look at gambling in Canada compared to other parts of the world, at gaming laws in Alberta compared to other provinces, and at the future of the Canadian, US, and UK gambling industries.

Canada: a forever love of gambling

Gambling in some form or other has always been popular in Canada. Way back in the 1990s, research found six in ten Canadians (60%) gambled every month. Additionally, four in ten (43%) spent between 1 and 20 Canadian dollars on gambling. Fast forward to today and the Canadian gambling market is worth 14.2 billion US dollars as of January 2024, according to data on the website of consumer and market data company Statista.

It seems Canada enjoys wagering just as much as two other countries that love a gamble: the US and the UK. Data on the Statista website shows that 49% of US adults took part in gambling activities in 2023. Fifty-six percent said their attitude towards gambling had relaxed, compared to the 50% of 2019.

The UK returned similar stats for the same year. Forty-eight percent of adults reported engaging in gambling activity. Online casinos generated the most gross gambling yield in 2023, but it was the nation’s National Lottery that people played the most.

 

Alberta: following Ontario’s lead

The regulatory developments in Ontario have triggered movement in Alberta. In May 2024, Bill 16, the Red Tape Reduction Amendment Act, made it through the process and later received Royal Assent to become law. The act removes the monopoly of gaming by a single government entity and will allow private operators, licensed by Alberta’s provincial regulator, to provide online gaming services in Alberta, meaning players will have a choice of more than one Alberta online casino to play at.

The regulation transforms Alberta into one of the more liberal provinces when it comes to online gambling, others being Quebec, Ontario, and British Columbia.

Several provinces, such as Novia Scotia and Northwest Territories, have no provincially regulated online gaming sites. Some also restrict betting on horse racing and/or other types of sports betting, obliging citizens to use international betting sites for freedom from caps and betting on as many events as they wish.

What lies ahead for the Canadian, US, and UK gambling industries?

Canada’s appetite for gambling is clear, and the industry’s online sector is beginning to thrive. Ontario has enjoyed vast success by creating its own regulated market, one which, in just its first year, saw Canadians place billions in wagers and the industry itself generate more than a billion in total gaming revenue.

Canada can expect to see other provinces follow Ontario’s lead and allow private operators to provide services in the province under license. The purpose of the regulation is player protection. Any province that develops a regulated market will focus on this, so there will also be regulations around the advertising of gambling services.

The US

Gambling online is the future for the US, too, although states are slow to legalize it. As of September 2024, 38 states had legalized sports betting, following the US Supreme Court’s ruling that states could regulate sports gambling directly.

Despite allowing sports betting, some states only permit in-person betting, and only a few states allow online casino gaming. Operators believe online casino gaming is the future of gambling.

The UK

In the UK, the use of artificial intelligence (AI) will get bigger and bigger. Companies have realized AI can enhance players’ experience and are embracing it more and more. For instance, sports betting websites can use it to crunch data and provide iGamers with stats and other data to make better betting decisions. They’re also understanding they can use AI to prioritize content players are likely to be interested in and to personalize their offerings and services to players’ preferences.

Canada enjoys gambling as much as America and the UK. Although laws around igaming are more of a grey area in Canada, some provinces are clearing the issue up by creating regulated markets and experiencing great success. As time goes by, more are sure to follow.

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